Here are some of the factors that affect home prices in communities:
Neighborhood comps including recency and feature similarity.
Location. Access to amenities, good schools, transportation, and views especially water views and skylines.
Home size and usable space including number of bedrooms and bathrooms.
Age and condition. Except in areas where homes are typically older and historic, a well maintained home has a higher appraisal value.
Upgrades and updates. Updates increase market values and appeal to potential buyers especially when they address outdated features like bathrooms, kitchens, and major systems like heating and cooling.
Economic indicators. Broader economic condition affect local markets.
Interest rates, and supply and demand. Low interest rates reduce the cost of borrowing and increases the demand for housing, driving up prices. Higher interest rates can slow the housing market by making mortgages more expensive.
Curious about the value of your home? Janice Hall is the realtor to call 201.232.8577
