Understanding Your Home Value: What Brevard County Homeowners Need To Know

Dated: May 27 2022

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Understanding Your Home Value: What Brevard County Homeowners Need To Know

The Florida real estate market is on fire. Of course, that's nothing new. The Sunshine State has been a top relocation destination for millions of people over the past few years, so it should come as no surprise that real estate is in high demand. From Titusville to Melbourne Beach, properties in Brevard County are selling faster and for more money than ever before. This change has been most notable over the past two years, with a spike in property prices across Florida. So, what does this mean for homeowners? In this blog post, we're discussing home values and what you need to know if you're thinking about selling your home in Brevard County.  

Why Is Property Value Important?

An accurate understanding of your property's market value, including what factors cause it to increase or decrease, is essential for financial planning. If you don't know your home's market value, you may find it difficult to sell or, worse, experience financial loss. In addition, understanding why your home is priced higher or lower than surrounding homes can help you take steps to increase its value. 

What Factors Impact the Value of a Home?

Build Age

In general, newer homes have higher values than older homes. The typical tell-tale signs of an older home, such as wear and tear, damage, and dated appliances, will all negatively impact the value of your home. But don't despair; there are many things you can do to make it more attractive to potential buyers. 

If you want to get ahead of any issues before your home hits the market, consult with an experienced real estate agent to determine what areas of your home need a little TLC and whether it's cost-effective to update. 

Comparable Property Sales

One of the most important factors in gauging the value of a home is considering the comparable property sales in your neighborhood. The recent sales price of other homes in the area will have a significant impact on property value and can be used to estimate the value of your home. 

Knowledgeable real estate agents use comparable home sales to glean key information on the current market value. Of course, comparable homes are often not identical, so it's important to consider differences and how they will reflect on your property's value. For example, a home that has been recently renovated is more likely to have a higher market value than a similar home that has not. To accurately compare property sales, it's essential to understand the local market and what buyers are looking for. 

Square Footage

Home values are typically calculated on a "price per square foot" basis. This helps buyers and sellers to determine the average cost of an area and easily compare property prices. It's important to remember that the price per square foot can fluctuate significantly between zip codes and even in the same neighborhoods. In addition, "usable" space is generally more desirable than square footage that isn't "usable," for example, an unfinished basement. 

Updates and Finishes

Renovations and contemporary finishes can help offset a home's age and increase its value. Of course, not all updates carry the same return on investment, so it's important to consult a licensed real estate agent to determine what updates are needed. 

Find Out the Value of Your Brevard County Home

In the real estate industry, there are multiple ways to find out what your home is worth, including researching what comparable homes have sold for in the area or using an online property value estimator. However, one of the most accurate ways to determine your home's value is to ask a licensed real estate agent. Experienced real estate agents utilize a market comparison approach, which involves drawing on recent comparable sales and adjusting for home-specific variables, such as an updated kitchen or an additional bedroom. 

If you'd like to find out how much your Brevard County is worth in the current market, click here to connect with one of our licensed real estate agents today. 

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