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If you are searching for a new home in 2021, chances are you have run into an expensive and scarce market. The market value of homes in 2021 has shot up exponentially, due to a variety of fluctuations of the housing market.
But how to find the property value of a home, especially in expensive markets, is a question you will definitely want to answer before making an offer on a house.
Interested in more information? Keep reading to find out how a home value is determined and how to find that information for yourself.
What Determines Home Value?
There are a number of facets that affect the value of a home.
Your environment can have a major influence on your home value. The environment of a home includes not only the weather and seasonal affects, but your neighborhood, the value of other homes in the area, and the local market.
Some of the more obvious influences over home value are more physical. The appearance and age of your home is a major contribution to the value. Any upgrades, additions, and modern updates, such as top solar panels, will also impact the value.
One of the last pieces to the home value puzzle depends on the economy. In a strong housing market, such as that of 2021, a home is worth more to those looking to buy. But in a slower economy, when homes are not selling, you may see the value of your home decrease.
Home Value Subtractions
Some articles that will detract from the value of your home are obvious.
Outdated kitchens and bathrooms and long overdue maintenance make the home far less appealing and can make the value lower in comparison to other homes.
Obvious flaws in structure and major issues with things like the furnace or septic system also have a significant impact on the home’s value.
Some other negative impacts on the value of your home can be less obvious. High levels of noise pollution will drive that value down, as will bad or sloppy landscaping.
Resources for How to Find the Property Value
The question now is how to find the property value of your home.
There are several resources you can utilize to get an estimate on home value. One is simple — consider what other homes in your neighborhood have sold for recently.
For something more official, the FHFA House Price Index Calculator allows you to enter in a few stats and get an estimate on your home’s value.
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