1. Location:

• Neighborhood: The overall desirability and amenities of your neighborhood play a significant role in your home’s value. Factors like proximity to schools, parks, public transportation, and other desirable amenities can significantly impact your value.
• Comparative sales: Analysts compare your property to similar homes that have recently sold in your neighborhood to determine a fair market value. This provides a strong indicator of what potential buyers are willing to pay in your area.
• Supply and demand: The balance between available homes and buyers in your area also affects value. If there are more homes available than buyers, it might lead to lower prices, and vice versa.

2. Property characteristics:

• Size and layout: The overall square footage and layout of your home are major factors determining its value. Larger homes with more bedrooms and bathrooms typically command higher prices. Additionally, functional layouts with good flow and ample natural light are generally more desirable.
• Age and condition: The age of your home and its overall condition significantly impact its value. Newer homes with modern features and updates are generally valued higher than older homes that require significant repairs or renovations.
• Unique features: Unique features like swimming pools, fireplaces, finished basements, or other special amenities can add value to your home, depending on market demand and buyer preferences.

3. Market trends:

• Overall market conditions: The broader housing market trends in your region can significantly impact your home’s value. Factors like interest rates, economic growth, and overall consumer confidence play a role in determining the overall demand for homes and their price points.
• Local market trends: Additionally, specific trends within your local market can influence your home’s value. This might include the development of new infrastructure, changes in zoning regulations, or the emergence of new desirable neighborhoods.