Finding the market value of a home is based on many factors and should not be something taken lightly.
Determining what is happening in the neighborhood means finding the average days on market, looking closely at the different amenities and so much more.
When they say "location is everything in real estate" they REALLY mean it! In some areas the west end of a street might have many different factors than the east end. In the neighborhood where I live for instance we are seeing tear downs and new construction going in for more than twice the value in some cases. Renewed interest in older neighborhoods like Arlington Heights in Fort Worth is happening all over Tarrant county. It seems that the wave of construction and renewal is happening in the Eastern areas near Montgomery Street and headed West down Camp Bowie.
You will commonly see a home built in the 1940's or older with very little to moderate remodeling done next to a completely remodeled or even complete new construction. This kind of activity is of course driven by several factors like demand, schools and near by attractions. It's important that all factors are considered when trying to determine TODAY's value.
Whether you are considering purchasing in an area like Arlington Heights or selling your home - it's important to consult an area expert and discuss the details of what's going on around you.
Here's a few reminders of what DOES NOT determine your Market Value.
*** Your Tax Appraised Value
***What You Need To 'NET' From Your Home
***What You Paid For Your Home Originally
We determine market value very carefully using many factors including Active property statistics, Total Inventory and Absorption Ratio, Homes Sold recently and other qualifiying factors.
For more information on home values please feel free to contact us!
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