Factors directly affecting home value

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Knowing the direct factors affecting home value can help sellers determine the right price for their property. It also helps owners decide on the needed improvements to increase their home’s market value.

Below is a comprehensive list of the direct factors that may make or break the ideal price of your home:

Community. People move from one place to another for one important reason—community. This includes efficient city services, ample resources, and a bustling business district. The community where the house is located directly affects its desirability in the market. Among the questions home buyers need to ask when evaluating a property include “Is the community prone to high crime rates? Who lives in the community? Is it near commercial establishments?”

Schools. Studies suggest that houses located nearest the best schools offer one of the highest housing prices in the market. Thus, a home’s overall market value could be affected by a property’s proximity to good schools.

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Amenities. House features have direct impact on its price. According to Realtor.com, the most worthwhile investments for houses are its amenities, which include traditional upgrades in kitchen and bathroom, as well as creating high-end amenities like specialty rooms such as media rooms and children’s playroom. Other amenities include outdoor areas like parks.

Transportation. This is of prime importance for people who need easy access to public transportation, especially for families who commute daily to and from work.

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Jay Eisenstadt and Esplanade Capital provide investors with valuable information about real estate market trends. For similar discussions about the housing sector, visit this blog.

Highest and lowest priced housing markets in the U.S.

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Home prices were the highlight of the 2013 U.S. housing market, recovering with bigger than expected price gains and solid home sales. This year, economists predict prices to rise slowly as more homes are coming into the real estate inventory in the succeeding months.

Despite numerous price fluctuations, there are particular housing markets in the U.S. that have remained either affordable or expensive for buyers across different states.

Fox Business reports that Malibu, California, remains the most expensive neighborhood to buy a home in, with a sample-size house priced at more than $2 million. The cheapest homes, meanwhile, are in Cleveland, with a sample size house costing an average of $63,729.

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The rankings, which were based on Coldwell Banker’s annual home listing report, used sample-size houses that have four bedrooms and two bathrooms across the country. Throughout 2013, the bank evaluated 1,900 markets and 52,000 listings to come up with the collated data.

Other areas marked with expensive homes are in California: Newport Beach ($1.8 million), Saratoga ($1.7 million), Los Gatos ($1.36 million), and San Francisco (1.3 million). Conversely, the most affordable markets are Ohio ($66,000), Flint, Michigan ($84,000), Saginaw, Michigan ($87,000), and Jackson, Mississippi ($94,000).

One neighborhood that stood out from the list is New York, which has some of the priciest, as well as most affordable homes. Properties in Great Neck, for example, averaged $1.1 million, while those in Buffalo cost around $100,000.

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Jay Eisenstadt and Esplanade Capital provide investors with intelligent and responsible information about real estate trends. For more related topics about housing markets, visit this blog.