So what IS your home worth in Amarillo TX?
Here at Caprock Realty Group, we get one question A LOT.... What is my house worth in Amarillo, Canyon, Bushland, or the Surrounding Area?
There are many factors that determine what a house is worth, the four top factors are;
- Core Features
- Market Activity
Location- It doesn't matter how nice or updated your home is, if it's in a poor location you will never get the value out of it. Likewise if your home is in a great location then you will be able to sell your home for a good price even if the condition is not that great. Some of the main influences on location include:
- Area Schools
- Parks, Recreation, Shopping, Medical, Etc
- Proximity to Work
- Proximity to family and friends
Always keep resale in mind when choosing a location, for example, its not a good idea to buy a home that backs up to multi-family living structures such as apartments.
Core Features- Now that a buyer has chosen a location, they start looking at features such as;
- Square Footage Size
- # of Bedrooms, Bathrooms, Garages Stalls
- Floor plan and layout
- Yard Size
- Special Features
Condition- Ok, so we have the right location and right core features, now lets focus on condition. Condition has to do with two factors;
- Repairs Needed
- Updates Needed
The condition can make a huge difference in what price you can expect on a home. For example, you can have two homes next door to each other, both built in 1972, same size, comparable floor plans. One house had been completely updated and repairs maintained, the other house is all original and needing some major repairs. In this situation these two homes could bring a difference of over $35,000 if the market prices were around $180,000.
Market Activity- The current market activity is what sets the average price per/sf for homes. When doing a market analysis we look at 4 main criteria on comparable homes;
- Active Homes for Sale
- Home Sales in the last 6 Months
- Homes Currently Under Contract
- Expired Homes that were Listed and Never Sold
So there you go...Now you have a good idea of how to determine what your home is worth and what buyers look at.
Need a Value Report on Your Home?
For you free home value report contact Caprock Realty Group, you may be surprised to see what your home is worth!
806 654 3842