What Actually Determines The Value of Your Home

What Actually Determines Your Home’s Value So let’s get specific. When I sit down to evaluate what a home is really worth, here’s what actually moves the number: • Recent comparable sales. Not just listings, not just pendings. Online platform have a much larger margin of error because when they cannot find the data they will broaden the geographic criteria and look further in time. They can only use what they can find. An experienced broker can perform market adjustments. • Condition and updates. As we said, Online platforms do not go inside your property. • Property type, square footage, layout, and lot configuration, Detached vs. Attached, etc. • Lot size, Land Value and Zoning. The scarcity of land for development in Queens, makes this a key factor that many overlook and only experienced broker know how to take it into account. I have many years of experience selling land for development in Queens. • Location within the neighborhood. Distance to train or the Lirr, noise levels, school districts, etc. • Current mortgage rates. Because they affect buyer affordability and demand and can change the market one way or the other. • Timing within the year. The seasonality of our sales in Queens is unlike other parts of the country because we just don´t have single family homes and because we have many cultures. • Finally: Inventory, Listing Activity and Absorption Rates. Unlike appraisals who only look at past performance, experienced brokers can look at inventory levels and absorption rates, take into account price trends and suggest appropriate pricing strategies.