What Affects Your Knoxville, TN Home Valuation: 6 Factors To Look At
Trying to do a Knoxville TN home valuation appropriately, whether you’re getting ready to sell or make an offer on one, may be difficult. Even if you have prior real estate knowledge, home prices can fluctuate from your first estimates.
Effective home value appraisals speed up and simplify the home selling process. Also, knowing the correct worth of a home can help you negotiate a better bargain for your buyer.
By narrowing your focus to the most important factors that affect a home’s value, you will find the process easier.
Listed below are a few of the most important factors that affect the value of your home.
6 Factors That Affect Your Knoxville, TN Home Valuation
1. Location
Among the most important factors affecting the value of a home is located. The proximity of your property to local amenities and local highways will have a significant effect on its value. A property’s proximity to tourist destinations, city centers, and public transportation also plays a role in determining how popular it is among potential buyers.
2. The Neighborhood
Recent home sales in your neighborhood can provide a good indication of the value of your home. The comparable properties are often referred to as “comps.” Whether it is an appraisal, a CMA, or an evaluation by Knoxville Home Team, real estate experts use comps to estimate your home’s value.
3. The Market
The current situation of the property market will also impact the value of your Knoxville home. Like any other economic asset, home values are influenced by supply and demand and can fluctuate due to minor changes in the local economy.
In a neighborhood where there aren’t enough new homes and many people want to move, housing prices will rise. If the economy as a whole is doing well, housing prices will rise as well.
4. Home Size and Appeal
The size of your home has a significant impact on its worth, and some potential purchasers use price per square foot to filter out this effect and evaluate value. Of course, larger homes sell for a higher price.
You’ll also have to think about the house’s appeal. Classic, neutral plans tend to be more valuable than unusual layouts that only appeal to a small group of people.
5. Age and Condition of the Home
You’ll need to consider the home’s age and condition in addition to its size and charm. Because newer homes require less maintenance, they will sell for more than older properties.
An older home that has been well-maintained, on the other hand, may sell for the same price as a newer property if the condition is good. The foundation, structural soundness, electrical work, plumbing, and fittings are all important factors to consider.
6. Price Sales History
The sale history can also affect the Knoxville, TN home value. If the property has sold three times in the last three years for $150,000, $155,000, and $153,000, it seems appropriate to begin with a $150,000 assessment and adjust based on any changes or additions to the property. Other factors on this list also affect historical prices.
It’s easier to avoid frequent home-selling blunders when you understand the aspects that determine your home’s worth. Set the right price for your home based on these factors to attract serious buyers and avoid long market days.
Ready to sell your home? Find out how much it is worth. Complete our Valuation Request Form.
