Factors that Affect Real Estate Pricing in Houston
The Houston real estate market is booming this year, be it the residential or the commercial sector. Now is a good time to make major decisions such as buying your property or selling it.
A recent report indicates that when it comes to real estate, many owners have difficulty in determining the prices either because they do not have much knowledge in this regard or they use incorrect methods. Calculating an appropriate price for your property is vital so that you can sell it quickly, without losing money in the process.
The published report is based on a survey that had a sample size of 1000 individuals located in different parts of Houston. The given stats indicate that almost 36% of the people list their property at incorrect prices, and suffer huge losses in the process.
The results of the analysis stated that if individuals were aware of the factors which affected pricing, they would not have to go through these problems. At the end several recommendations were made.
Here are the main highlights of the survey.
- The location of your property is the most important factor to consider. If your house is close to bus stations, train stations, shopping centers, schools, hospitals and other facilities, it would sell for more. The value of the neighborhood in which your property is situated also affects the price. A house in a reputed locality can be sold off for a lot more than a house in a small unpopular district even if they were constructed in the exact same style.
- The size, condition, age and design of your property also have an influence on the price. Buyers always observe the doors, windows, tiles, paints and other similar things before they agree to pay you the asking price. If you have ever made improvements in your home or renovated it, you might get a higher price for it.
- Agencies may not always evaluate an accurate asking price for your property. As such, be sure to take opinions from two or three agents or companies before putting your property on the market.
- Prices are not only affected by the condition of your property, but also by the condition of properties that surround it. The type and quality of real estate that surrounds your house or all affect its value.
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