Real Estate Prices - What are the Influences?

Real estate prices cannot be pinned down to a few solitary factors. As brokers love to tell you, location is next to godliness. This refers to more than just the city or part of the town you are looking at. Prices for a property can change drastically with every street, neighborhood and even every building. A common example would be a house located in the same street as a KFC outlet, or a house in the corner of the street, both of which will be higher priced than a house in the center of a non-commercial street. Similarly, a room in a building with Microsofts service center, or a room with a window that looks upon a garden will cost you more than a room with the view of a barren field.

Appearance and the present condition of the property also play an important role in determining its price. Buyers prefer a property which does not require a lot of work from their side before they can start using it. Curbside appeal, or your first impression looking at the fa?ade of the house, the condition of the neighboring house, vegetation, all are vital factors determining the cost of a property. A building which is newly painted, has a lot of air and light, which feels cozy, has working plumbing in a good condition, is somewhat furnished, has good strong flooring and faultless walls (as walls with cracks can indicate faulty foundations or plumbing systems), has a favorable ventilation system, good security etc, the prices are bound to be a lot higher than they would be if it was otherwise. The age of the property is also important, and a newer house will obviously be priced higher than a house with ten years behind it. In the same manner, the history of the house is important. A house without past problems in electricity, sewage and drainage, plumbing and fire hazards is likely to attract more buyers, and likely to sell at a higher price.

Property taxes play an important role in determining the value of a house. A property located in a location with low property taxes will be priced higher, evidently. Compare the property taxes of properties in different locations before buying or selling it.

As mentioned earlier, too many buyers can make the price of your property go up. Market conditions, hence, are important factors in determining property prices. These market conditions are very volatile, and take u-turns within weeks. A market with too many sellers will make property values go down, and within a matter of weeks, there will be left too many buyers to make the prices go up. A good buyer will know when to take the hint and get the best price for his money. Similarly, a good seller will never underestimate the importance of market forces while making selling decisions. These forces turn out to be even more important than the property itself, and like in all real estate related ventures, can involve the risk of not selling at a profit when the time was ripe in hope of selling it later at a greater profit.

John is a contributor to a Connecticut Real Estate Prices Website, and Suffield CT Real Estate Website, which has helped hundreds of people gather information about the CT Real Estate. http://connecticutrealestateadvice.com

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