5 Factors That Impact Home Value

August 13, 2019 | Selling Your Home

Wondering how much your house is worth? You’re not alone. It’s one of the questions we get asked most often, and it’s easy to see why. Your home is a huge asset—probably the biggest one you have! Keeping track of its value just makes good sense — here are factors that impact home value

Of course, every property is unique, and there will be many factors to consider when it comes time to set a price. In the meantime, here are some of the most significant things that impact how much your home is worth!

1) The local market—and your timing

Local real estate markets shift, which can affect the value of homes. It’s a matter of supply and demand. When there are a lot of buyers looking for houses like yours in the community (and not many of your neighbours are putting theirs up for sale), you’re in a seller’s market. If you list your property under these circumstances, chances are good that it will be seen as highly valuable!

The season can also make a difference. While it isn’t always the case, homes tend to sell for the highest prices during the spring. On the flip side, it’s a time of year when a lot of sellers tend to list—which can mean more competition. With so many factors at play, it helps to work with Ottawa Realtors who know the market!

2) Your location

Location, location, location. We’ve all heard the saying, and there’s a lot more truth to it than you might think. Time and again, we’ve seen buyers pay top dollar for properties largely because they’re in desirable neighbourhoods. For families, that often means great schools, reasonable commutes, access to amenities, and beautiful homes on scenic lots.

If you own property in an area like Kanata, Nepean, or Barrhaven, you may be in luck when it comes time to sell. While these are great places for buyers to find value, demand among local families means that sellers can also achieve impressive returns.

3) Your home’s features

Hardwood floors, or linoleum? White appliances, or stainless steel? A combination bath and shower, or a luxurious soak tub? When it comes to the value of your property, these things can make a difference. Having said that, not all in-demand features are created equal—and some won’t add as much value as you think when you’re selling your home.

An experienced real estate professional can help you decide whether performing upgrades is worth the effort. Of course, there’s a lot more to a successful sale than knowing which features to highlight. Here are a few of the things our team does to help ensure a great outcome!

4) Size & layout

It’s no surprise that larger homes tend to come with higher price tags. What many homeowners don’t know is that it isn’t just overall square footage that matters. As a rule, a roomy attic or garage won’t be worth as much as a spacious living room or kitchen.

When it comes to layout, the open concept still reigns supreme. Buyers love a sense of spaciousness and an abundance of natural light, two things that these types of homes tend to offer. More often than not, open-concept houses sell for more than those that are closed off.

5) Presentation of your home

You have no control over what’s happening in the market, and you can’t change where your home is located. But there is one thing you can do to get a great price when you’re selling your home, and that’s presenting it in the best possible light!

Before you put your house on the market, make sure it is as clean as possible. Have it staged to perfection, and don’t forget the power of high-quality photographs and marketing materials. These things can truly make a difference—we’ve seen it time and again!

Whether you’re selling soon or in the distant future, it’s always a good idea to have a sense of what your property is worth. When you decide to work with an experienced agent, they’ll perform an in-depth analysis to help you find just the right price. That said, if you’re hoping to learn the value of your home sooner rather than later, we can do a free evaluation for you right away!

Ready to put your house on the market? We’d love to help! Reach out to learn how we can help you achieve your selling goals.