Knowing the market value of your home starts with knowing the factors that effect the market value of your home. The first factor that affects your market value is the recent sales in the area. The neighborhood of your home is one of the most important factors of its value. Size and condition of your home also go into your home value. Larger homes are worth more than smaller homes located in equivalent neighborhoods built to equivalent standards.
- Before one wants to buy a home and to make sure he or she is getting a good price, the market value of the home should be researched.
- While many appraisers use the value of homes that are of the same size and with same features, in assessing market value the time duration of sales is better.
- The recent sales in an area will not give one good specifics about the market value of a home, but helps one to have a ballpark figure.
“If you want to know the fair market value of a home, you can look up the recent sales in the area.”