To understand how much your home is worth, you have to know what affects its value.
Thousands of data points correlate with home values and sale prices — some of which are obvious (like the condition of the home) and some that aren’t.
Here are several surprising things that can affect either the existing value of your home or the price someone is willing to pay for it, all based on data.
1. Proximity To Landmarks & Lifestyle Locations
How far do you have to drive to get a Frappuccino? If the answer is “not that far,” you’re in luck. How close is the nearest mall, gym, cinemas et.c
2. Blue kitchens and blue bathrooms
Blue is also a popular bathroom shade. The same analysis found that homes with pale blue to soft periwinkle-blue bathrooms sold for $5,440 more.
Walls painted in cool neutrals, like blue or gray, can signal that the home is well cared for or has other desirable features.
3. Trendy features
Sellers can use the listing descriptions to highlight trendy details and features that might not be noticeable in the photos.
4. How close you are to a city
Similar to the first attribute mentioned above, how close the property is to the nearest city is another factor to be considered.
The average urban home is now worth 35 percent more than the average suburban home. Since 2012, the median home value in urban areas has increased by 54 percent, while the median home value in suburban areas is up just 38 percent.