Planning to sell your home? If so, it’s important to know the home values in Colorado Springs before listing it on the market. Your home’s market value determines your asking price and the amount of interest you get from buyers.
So if you want to sell your house for top dollar, it’s important to understand market value and which factors impact it. In this post, our team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team will discuss three factors that influence home valuations.
3 Factors That Impact Home Values
Economic conditions like high interest rates, inflation, recession, and unemployment all affect the housing market, which in turn impacts home values.
To determine home values, your realtor will conduct a comparative market analysis, which analyzes comparable home sales in your area. If homes have sold at a lower price due to a recession or high interest rates, then your home likely will as well.
This situation might occur if high interest rates are keeping home buyers out of the market, for example. If that were the case, your realtor may suggest lowering the asking price of your home to attract more interest.
Whatever the case, economic conditions will impact the supply and demand your market is experiencing, which will determine the asking price for your home.
Location is another significant factor in determining home values in Colorado Springs. If your home is in a neighborhood close to certain amenities like top-quality schools, restaurants, or parks, then it likely has a higher market value.
Location is also important when it comes to transportation and commuting. A young professional who travels to the city may be willing to pay top dollar for a home that offers a shorter commute time.
Crime rates are another factor that determines whether a location is desirable or not. If the home is in an area with a high crime rate, home values may be lower to reflect the reduced demand.
Lastly, the size and condition of your property determine its value. For example, the age, square footage, and layout of the home, including the number of bedrooms and bathrooms.
While factors like age and square footage can’t be changed, you can take control of renovations and upgrades for your property. Adding the latest appliances or other highly desirable features can make your home stand out to buyers and encourage competition.
Additionally, unique features, such as a unique architectural style, smart home technology, or heated floors can positively influence a home’s value.
We Can Find Home Values in Colorado Springs
If you’re ready to sell your home, our team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team can help you find your home value in Colorado Springs. We’ve helped hundreds of home sellers sell their homes fast and for top dollar, and we know we can do the same for you.
Our clients value working with us because of our high-quality customer service, attention to detail, and unique Guaranteed Sale Program.
With this program, we guarantee your home will sell within your desired time frame. If it doesn’t, we’ll buy it ourselves. This way, your home-selling experience is risk-free.