The Veliz-Vice Team | Real Estate in The Metro East
Cindy Veliz & Raquel Vice

How Your Home’s Market Value is Determined

Economics is slippery science, and no one knows thisDSCN8746 better than people trying to sell their house. Oftentimes, they mistakenly believe their house’s market value is higher than it is and that they can afford much more than they actually can.

Whatever the case, how a certain value is attached to a home is sometimes vague and uncertain. There is,
however, a method to the madness. To help you better understand how value is determined, here are the five most important factors.

Location. It’s hard to overstate how important location is. And it’s not just that some cities are more expensive than others; rather, the precise location in a given city can double or even triple a house’s value per square foot.

Neighborhood. This is a huge category and includes factors like crime rate, nearby construction, the school district, access to freeways, airplane noise, walkability, nearby greenspace and much more.

Size. While a bigger house will generally cost more, bigger is not always better. In some markets, it is possible that 4,000-square foot McMansions sell for less than smaller, sturdier houses with more character.

Layout. These days, open-concept kitchens and walk-in closets are all the rage and fetch a higher price.  Segmented layouts that may have been standard 30 years ago are seen as potential remodels and drive down the price.

Age and condition. While many people may look for older houses, they still want newer utilities, more energy-efficient windows and other modern features.

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Cindy Veliz & Raquel Vice

The Veliz-Vice Team

103 S. Main St., Columbia, IL 62236

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103 S. Main St. Columbia, IL 62236