In selling a home, home owners are faced with one important question: "How much should the selling price be?" If you are planning to sell your home and wondering how pricing works, you should know that understanding the property's value is far more than simply looking at the property size and comparing it to other properties sold in the area. While many factors can contribute to a property's selling price, LOCATION still plays an important role in this stage for a variety of reasons.
Neighboring Establishments
As a summary, a home located in a well maintained street and/or near a park may be more appealing to buyers compared to a house near a gas station. Even if these two sample homes are just two blocks away from each other, these neighboring spots can make all the difference in increasing or decreasing the properties' values.
Safety Issues
Even if the home being sold is a beautifully crafted one with multiple bonus features and fixtures, if it is located in a less safe area of the community, there is still no assurance that the home could be bought at a high price. Generally, if the property is situated at an area with higher crime rates, buyers won't take the risk of buying it unless it gets a lower price.
Urban Lifestyle
If you compare urban and rural properties, you may find that the home with heavier pedestrian and vehicular traffic may have higher priced, and this is because the busy way of living in an area brings in advantages to homeowners as these areas tend to be nearer to necessary establishments and more accessible to people.
Pricing a home is something a real estate agent can help you with. But in general, these are just some of the reasons why location is a major determinant of a property's price. So if the property you are selling sits on a great area, you can enjoy the luxury of pricing the home with a higher tag. But if the property's location isn't all that good, get your agent's help to know how high you can go in pricing your home.
