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What Determines the Value of a Home?

The Suffolk real estate market has been growing quickly during the past few years as many people rush to call this beautiful place home. At the same time, many people are wondering just what determines the value of a home in Suffolk. It can be difficult to determine the value of a home because what matters to every individual and family is a little bit different from the person next door. For example, one family might prioritize the size of the home while another family might place schools and the morning commute at the top of the list. There are a few major factors that will play a role in the value of any home.

Comps in the Neighborhood

Short for comparables, one of the most important factors in determining the value of any home is the sale prices of homes in the local area that are similar. These comps are going to play a major role in the appraisal process. Some of the criteria that determine whether or not the comparison between one home and another include the recency of the sale of the home, the numbers of bedrooms and bathrooms, the distance from the home, and the year it was built. While no two comps are exactly the same, the appraiser will try to find as many comps as possible to try to give everyone a better idea of how much the home is worth.

The Location of the Home

When real estate agents are asked about the most important factors that determine the value of a home, he or she is sure to circle location and place this at the top of the list. There are three main factors underneath this umbrella that play a role in the value of a home. They include the quality of the schools in the area, the distance to local employment opportunities, and the distance from the home to local entertainment centers such as shopping and dining. All of these factors are influenced by location and can drastically impact the value of local homes.

Find the Right Home at the Right Price

When it comes to finding the right home, this is a major decision because a home isn’t only a place to live but also an investment opportunity. It is critical for everyone to work with trained professionals who can help them make sure they find the best home at the right price.

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