Stern Market Minute: What Determines Home Values?
Channel: The Stern Team | KW Salt Lake City Real Estate
Date: 2023-05-12

Welcome to Stern Market Minute! Today, we'll be delving into the secrets of home values and why it matters. With the rising property prices, it's becoming increasingly important to understand what you're paying for and what makes one home worth more than another.

Firstly, let's talk about location. It's no secret that where a home is located can have a significant impact on its value. Urban homes that are conveniently close to essential amenities such as busy workplaces, accessible shopping centers, and leisure facilities like parks, theaters, and stadiums are worth more than homes located in remote areas.

Another oft-overlooked aspect of location is the school district a home is situated in. Believe it or not, the quality of schools in a district can make or break a property's worth. According to recent studies, nearly one in four homebuyers showcased a marked preference for schools when determining where they wanted to buy.

Low supply and high demand are other massive influencers of property values. When the number of available houses for purchase fails to meet the buyer demand for it, the existing supply gets artificially scarce. This scarcity in turn boosts home prices as buyers begin competing for the few available homes.

Renovations are another factor that can significantly raise the value of a home. Whether it's updating the kitchen, adding another bathroom, or applying a fresh coat of paint, renovated homes often sell for a higher price compared to their counterparts. However, it's imperative to note that not all renovations bring in a return on investment.

Finally, a thriving economy can have a dramatic impact on the property market. When the economy is moving along healthily, people feel more confident in their job security and invest in long-term investments, like buying their own home. This increase in home-buying increases demand, which, when combined with low supply, can significantly boost values.

We hope this has helped you better understand how home values are determined and the factors that impact them. If you have any more questions or concerns, don't hesitate to contact us - we're passionate about helping you make informed decisions when it comes to your property buying or selling venture.
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