You really have to take into consideration a property’s worth in Houston, Texas, whether you’re buying or selling an investment. Ask yourself, ‘what factors affect property values in Houston, Texas?’ From the size to aesthetics, facilities, location to planned infrastructure, there are several factors that often affect a property or home’s worth. Continue reading if you’re interested to know what can drive your property’s value up, what can drag it down, and more importantly, how best one can figure out the value of my property.
- The Location
All real estate values in Houston, Texas, are affected by this factor. A property’s location will determine whether a young family will be interested in your house, or if they’ll keep looking elsewhere. Generally, most Houston sellers and buyers focus more on properties that are closer to public transportation, schools, restaurants, shops, and other neighborhood amenities.
- The size of the house and the amount of usable space
In real estate, a property’s market value is normally talked about in terms of price per square foot. That’s the sum of the sales price divided by the home’s square footage. For example, if you’re planning to sell a 1,500 square foot house at 300,000 dollars, the price per square foot will be 200 dollars. in addition to the square feet, we also pay attention to the usable space. By the way, we are not talking about your unfinished basement, garage, or attic when referring to usable spaces. We are talking about spaces such as the bedrooms and bathrooms.
- The age and condition
Houston properties are often divided into classes due to their ages. So if your property is still relatively new, you’ll find it in class A and that means it has a higher value as opposed to one found in class D or lower. Apart from the age, we also look at the condition. A well-maintained and renovated house will fetch more in the market.
Did you think that the push and pull of supply and demand had no role to play in determining the property’s value in Houston, Texas? Think again! If the supply is constant but the demand goes up, the prices will automatically rise because more people will try to buy fast. However, if it’s the other way round, the prices will eventually drop.
- Interest rates
This is surely a no-brainer. Banks or lenders will increase interest rates on mortgages if the Reserve Bank decided it’s a good idea to increase the interest. What does this mean for the borrower? It means that they’ll be forced to pay more every month. Properties are usually sold high when mortgages are expensive.
We’ve not yet shared so many other factors with you. But that does not mean that you cannot learn about them. Just pick up your phone and call us. We have been dealing with real estate for years, so we have a wealth of experience to share with anyone interested.