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Monday, May 25, 2020

Market Value and Location: Breaking it Down

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The frequently repeated real estate phrase “Location, location, location” might be a tad overused, but with good reason. When you consider market value, which is how much a home will sell for under normal circumstances, location is often the greatest determining factor.
 
Estimating your home’s market value, whether you do it yourself using an online tool or hire a professional appraiser, is a smart move. It will give you insight into refinancing, how to price your home for resale, home insurance coverage, and property taxes. And since location affects market value so significantly, let’s look at what affects location.
 
Homebuyers look at the location factor in terms of the proximity of and quality of schools, shopping centers, parks, restaurants, and nightlife. Whether or not a home is located in a place with a strong sense of community is a plus. Buyers also consider whether the area is safe and look at aesthetic characteristics of the street and the neighborhood. Many buyers, concerned about their health and the environment, are becoming increasingly interested in whether a location offers walkability, while others desire a home with a view.
 
Less favorable attributes to potential buyers include high traffic, heavy congestion for commuters, and noise levels—all of which can drop your home’s market value. Basically, properties located near busy highways will likely not be as attractive to prospective residents.
 
As you consider how location will affect the future of your home’s market value, be sure to also consider whether you have the appropriate insurance coverage. Talk to one of our AAA agents today to confirm that you’re adequately protecting the investment that is your home.

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