08 Jun Common Factors That Can Impact The Price of a Home
Both positive and negative, there are a variety of factors that can influence the price of a home. For many sellers, pricing their soon-to-be home for sale can be quite challenging–especially if they have little experience or knowledge regarding the real estate market in Tennessee. Therefore, whether you are a potential buyer who’s browsing through the list of homes for sale in your area, or a seller who’s interested in putting their house on the market, having the right pricing information in front of you is essential–this includes factors that could potentially impact home prices.
New Homes, New Construction, and Homes for Sale in Murfreesboro, TN, Mt. Juliet and Smyrna, TN
If you are a buyer looking for new homes or homes for sale in Murfreesboro, TN, Mt. Juliet or Smyrna, TN, contact Landmark Homes of Tennessee, today! We are home builders in Nashville, TN, Murfreesboro, Smyrna, and Mt. Juliet with new homes, new construction and available houses in middle Tennessee’s desirable neighborhoods. You can view our Featured Listings, Explore Our Landmark Communities and also see our Models, and Floorplans. For nearly three decades, Landmark Homes has been listening to their customers and building homes tailored to their specific needs. Truly, after you’ve experienced the “Landmark Difference” you’ll understand why we say that “It’s not just a home it’s your Landmark”.
With that being said, let’s take a look at the most common factors that can impact the price of homes for sale:
- The State of the Real Estate Market: Arguably, this one of the biggest factors that can have the greatest impact on the prices of homes for sale in Mt Juliet, Smyrna, and Murfreesboro, Tennessee. The real estate market continuously fluctuates between a seller’s market, buyer’s market, or a balanced market, leading to one of three things: a high number of buyers but little inventory on the market, plenty of homes for sale but not enough buyers, or an even balance between the number of buyers and the number of homes on the market. In a seller’s market, typically, homes will sell above its list price in the event of competition amongst buyers, whereas in a buyer’s market, many homes will sell below listing price since they tend to sit on the market for a longer period of time. In a balanced market, homes will sell for their average price.
- Location and Neighborhood: Location, location, location–every real estate agent’s favorite saying. The location, subdivision and the neighborhood of a home for sale plays a significant role in their pricing. For example, neighborhoods with low crimes rates, close proximity to local amenities, and exceptional school districts are preferred by most buyers, and the prices of the homes for sale in that region will reflect that. Whereas locations that have higher crime rates, is a further distance to local amenities, and average-rated school districts will reflect a lower price.
- Size and Appeal of the Home: Of course, the size of a home also impacts its price point. Most buyers rely on the price per square foot to determine if the home for sale is worth the investment. Additionally, the appeal or the demand of a certain style can also sway the price. Typically, traditional-style homes with open floor plans are desired the most and priced a bit higher. Of course, all of this relative to the location of the home.
- Amenities and Upgrades: Recent upgrades or the type of amenities that are available in a home will impact its price. For example, a home that boasts high-end finishes, large square footage, and excellent backyard features, etc., will be priced much higher than competitors. Although the price will be higher, buyers would save money on renovation costs.
These are just a few of the many factors that can influence the pricing of homes for sale in Murfreesboro, Smyrna and Mt. Juliet. Therefore, if you are planning on buying or selling, make sure you consider these factors, for it will help you significantly in your decision!