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2016-10-07 15:58:10
6 Shocking Factors that Affect Your Home's Value

Determining a home’s value can be tricky! While you may think your home is worth one price, your Realtor® may think it’s worth another, and potential buyers will most likely believe it is worth less than both of those values. Why is this? When determining a home’s value, there are a lot of factors in play. From obvious attributes like total square footage, a comparative market analysis, and quality of the features in the home to less obvious factors like numerology and street name, many items can negatively or positively affect the value of your home. Let’s take a look at six overlooked factors that can affect your home’s value:

Street Name

While some homebuyers do not stress the importance of the street name, many prefer to live on a street with a name versus a number. Also, according to a study by Trulia, prices differ based on the suffix of a street. For instance, living on a “street” is less expensive than living on a “boulevard.”

Numerology

Numerology, what’s that? According to Trulia, numerology is the practice of assigning a single digit to your home, based on the home’s address. And, interestingly enough, some homebuyers use this practice during their home search. Different numbers mean different things; take a look: numerology for your address.

Mature Trees

Trees are an important factor to many homebuyers, and they can actually increase the curb appeal of your home. While some homes have a significant number of trees, homes with mature trees can increase the value of your home. Take a look at this National Tree Benefit Calculator to determine the benefit of the different types of trees. 

Stash Your Sports Paraphernalia

This may seem odd, but some homebuyers are turned off if they walk into a home that has paraphernalia for a rival sports team. While your home is on the market, stash all your sports paraphernalia. It’s not worth losing potential buyers.

Location

Location, location, location. The location of your home is oh-so-important to potential homebuyers. If your home is close to a Starbucks, Whole Foods, or Trader Joes, it is said that your property value increases.

History

The history of your home can determine its value. Has there been a murder or a suicide in your home? I know this is morbid, but a violent crime can significantly affect your home’s value.

Some of these may seem odd, but that’s just how the cookie crumbles. Take these factors into account when determining the value of your home; your potential homebuyers will.

Do you have any questions on the value of your home? Give me a call. I would love to help determine your home’s value.

 

Resources:

https://www.trulia.com/blog/factors-that-affect-your-property-value-estimate/

https://www.foxbusiness.com/features/2012/10/11/homebuyers-whats-in-street-name.html

https://money.usnews.com/money/personal-finance/articles/2014/07/02/5-factors-that-influence-your-homes-resale-value

 

 
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