Are you a homeowner in Houston, Texas, wondering what the value of your Houston home is? Understanding your property value is important whether you’re planning to refinance, list it for sale, or are just curious.
In this post, our team at Your Home Sold Guaranteed Realty - Chris Schmidt Team will share which factors influence home value, several ways to find your home’s value, and the current housing market conditions in Houston.
Key Takeaways:
- Your home’s value is influenced by the current market conditions, both in your neighborhood as well as the broader area.
- Inflation, unemployment levels, interest rates, and recessionary conditions all impact the property value of your home.
- Finding out how many homes similar to yours sold recently, how much they sold for, and how long they were on the market before they sold is essential for determining how much your home is worth.
What is the Value of Your Houston Home? – 5 Factors to Consider
- Current Market Conditions: Your home’s value is influenced by the current market conditions, both in your neighborhood as well as the broader area. Inventory levels, buyer demand, home prices, number of homes sold, and median days on market are all metrics that should be tracked.
- Economic Conditions: Broader economic conditions also impact the value of your home, since housing markets are closely tied to the health of the economy. Inflation, unemployment levels, interest rates, and recessionary conditions all impact the property value of your home.
- Property Features: The features of the home itself play a role in its value. Size, layout, age, available amenities, unique features, and overall condition all determine how much a property is worth. Homes with newer, more modern features tend to have higher valuations.
- Location: A home in a highly desirable location will have a higher valuation. However, popular locations vary from buyer to buyer. Some buyers might be looking for neighborhoods with the best access to the city’s downtown, while others might prefer neighborhoods located close to good schools and parks.
- Comparable Sales: Analyzing comparable sales is important to understanding the value of your home. Finding out how many homes similar to yours sold recently, how much they sold for, and how long they were on the market before they sold is essential information.
3 Ways to Find the Value of Your Houston Home
- Online Tools: If you only want a rough estimate of your home’s value, you can turn to online valuation tools. These online sites provide valuations based on algorithms that use publicly available data. However, they’re unable to take into account the unique features or upgrades that might make your home worth more than similar homes.
- Hire a Realtor: Even if you don’t plan on selling, reaching out to a realtor is a great way to get an accurate home valuation. Realtors constantly monitor market conditions and can discover the value of your home based on current data. They can also provide advice regarding your future plans.
- Hire a Licensed Appraiser: Hiring an appraiser is one of the best ways to get a highly accurate home valuation. A professional appraiser will evaluate your home’s condition, location, recent sales data, and market trends to come up with its value in the current market.
What is the Houston Housing Market Like?
In recent months, homes in Houston sold for a median price of $308,500, which is a 4.6% increase compared to the same time last year. Most homes sell for 3% below their original asking price, while the hottest homes sell for their exact original listing price.
Homes in Houston have a sale-to-list price ratio of 96.5% and 11.1% of homes sell above their original asking price. In addition, 26.2% of homes drop their asking price at some point after being listed.
We Can Help You Find the Value of Your Houston Home
Working with a professional is the best way to find out how much your home is worth. At Your Home Sold Guaranteed Realty - Chris Schmidt Team, Chris Schmidt and our team have years of experience working in the Houston metropolitan area.
Our familiarity with the local market trends, as well as our legendary customer service, are why we’ve developed a reputation as the best realtor in Houston. We can easily help you find the value of your home, and if you decide you want to sell your house, our unique Guaranteed Sale Program protects your interests and ensures a risk-free sale.
To get started with a home valuation with our team, give us a call at 713-322-5604. You can also fill out the form on this page or send a message to [javascript protected email address].
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
