Residential real estate price estimation is done whenever a house is sold. It is the market that decides price, and the MLS allows sales to be very efficiently priced.
There are some variables that play with the price of a house, that will be listed as follows:
- Location – where a property is placed within the market place.
- Positional Location – what is next to the property… commercial, bar, school, backs to green belt, etc.
- Age – how old the property is. Age factors into floor plan, lot layout, size of rooms, etc.
- Condition – repairs that need to be made.
- Size – number of square feet.
- Features – beds, baths, garage, living room/family room, etc.
- Amenities – pool, spa, 3 car garage.
- Lot size – how large and what is the layout of the lot?
- Seller type – conventional seller, Bank Owned, Short Seller, probate, etc.
In addition to these there is the market timing. The aforementioned definitely help raise or lower the price within the market parameters, but the big kahuna is what cycle the market is in. See below….
