September 29, 2021

5 Factors that Affect Property Values in Prince William County

If you’re planning to sell your home in Prince William County, it’s important to know what your property is really worth. A quick search on popular home selling sites like Zillow, Trulia and Redfin will likely turn up different results. Even a realtor may give you different numbers from what you thought. 

So what factors determine property values, and how can you tell that you’re listing your home for the right price? Below are five things that drag property values up or down in Prince William County. 

Location 

Location is one of the most important factors in real estate. The more popular and accessible the location is, the more people are willing to pay. Typically, buyers like to see homes near restaurants, schools, shopping and public transportation. 

Buyers also look for family-friendly neighborhoods with lots of amenities, highly rated schools and low crime rates. Some of the best places to live in Prince William County include Montclair, Woodbridge and Lake Ridge.

Home Size 

The market value of a real estate property is usually listed in terms of price per square foot. For example, if your home is 1,500 square feet and sells for $300,000, the price per square foot is $200. In addition to your home size, your usable space also matters. Garages, attics and unfinished basements typically don’t count as usable space. 

Age and Condition 

Newer homes tend to have a higher price point because buyers pay more for homes that don’t require major renovations. Older homes, by nature, tend to need more work. Even more than the age of the home is its condition. Buyers would prefer to purchase a home that’s old but well-maintained versus one that’s new but in poor condition. 

Home Improvements 

Upgrades and home improvements also play a big part in property values. Kitchen and bathroom renovations are some of the most sought-after upgrades, especially for older properties with outdated features. Upgrades made to the exterior of your home also make a difference because they enhance curb appeal. 

Real Estate Comps 

“Comps” are comparable homes in the neighborhood that have recently sold. They serve as a benchmark for what your home should sell for. This is why people don’t like short sales and foreclosures, as they bring down average property values. Appraisers generally look at three recently closed sales. 

Need to Sell Quickly? 4 Brothers Buy Houses Will Make You an Offer!

If you need to sell your home quickly, contact 4 Brothers Buy Houses. We buy properties throughout Prince William County, including Manassas, Montclair, Woodbridge, Dumfries, Lake Ridge, Dale City, Bethel, Minnieville, Hoadly, Agnewville and County Center. 

While our cash buyers do consider the above factors, we are willing to buy your home as is. We are more concerned with the renovation potential than the actual condition of your home. Contact our team today for your free cash offer.