14 Factors that Determine a Home’s Value

by Liz Nitz

14 Factors that determine a home’s value bozeman real estate agent

In trying to evaluate your home for a listing price that could actually result in a sale, agents and owners should look at the following factors objectively and without emotion.

A buyer may react emotionally to an aspect of the home which is great but most buyers will then ask their agent to do a comparative market analysis to measure the fairness of the asking price.  If a buyer is getting a loan to purchase the home, the home has to appraise according to strict guidelines.  See here for what an appraiser looks at  https://sf.freddiemac.com/content/_assets/resources/pdf/forms/70.pdf

 

Following are 14 Factors that help determine a home’s value.

  1. Age of home and design style – While newer homes are favored by some buyers due to the lack of maintenance requirements, there are many buyers who love the charm of an older home, especially those of the craftsman and Victorian style.
  2. Structural materials and systems.  Even in an older home, one that has had updates to systems such as electrical, plumbing, heating, and replacements to roof and siding will be seen as more desirable and garner a higher price.
  3. Quality of Renovations and Added Amenities.  Renovations that are properly permitted are most desirable. Beyond that, the quality and workmanship of renovations will garner a larger listing price.  Added Amenities such as hot tub, water feature, etc will also add value.
  4. Floor plan.  Is the floor plan functional for today’s consumer? Needs and tastes change so this can be a moving target.
  5. Number of bedrooms and bathrooms.  Price should be reflective of these numbers and these days, a private master bath is a sought-after feature.
  6. Square footage.  Not always the most important element if the home has a great floor plan and makes use of space well.
  7. Curb appeal.  Very important for first impression.
  8. Lot square footage and design.  Not only is the lot important but also what is done with the space. People want to spend more time outside and a backyard oasis where one can entertain and relax is a sought-after commodity.
  9. Storage.  More important for some consumers than others but organized storage is generally a plus.
  10. Garage.  In some places, the number of garage spaces can make a huge difference in selling time and price. In Bozeman, 3 garage stalls are very desirable so that people can store their toys on site.
  11. View.  Views can increase the value of property especially if they are unobstructed and protected.
  12.  Location.  Everything factors in here from walkability to shops, coffee, restaurants, ambient noise, convenience to freeways, airports, perceived demand for the neighborhood.
  13. Neighborhood.  What does the rest of the neighborhood look like? It is most desirable to have like kind or better properties than the subject home in the neighborhood
  14. Comps and the current real estate market.  What have other homes sold for in the past 90 days? And then what is the momentum of the current market?

 

If you are curious how your home would be valued, please reach out and let’s schedule a free property analysis.  Montana is a nondisclosure state so only a licensed realtor or appraiser has access to real sold data which you need for an accurate valuation.  For up-to-date information on the Bozeman market, read my blog posts at  https://movemetomontana.com/.

 

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38 Marten Peak Court, Bozeman, Montana 59718

38 Marten Peak Court, Bozeman, Montana 59718

4Bedroom(s)
3Bathroom(s)
0.21Acre
2,476Sqft
Located in the Woodland Park subdivision, this brand new modern, contemporary home is 2,476 sf built by Old Mill Homes. Situated on a quiet cul-de-sac, this home has 4 bed, 3 bath, two living rooms and great floor plan. Estimated completion will be the end of June. Main level includes the master suite and addl bedroom with full bath for guests.
$1,000,000

410 Westridge Drive, Bozeman, Montana 59715

410 Westridge Drive, Bozeman, Montana 59715

4Bedroom(s)
2Bathroom(s)
0.20Acre
2,406Sqft
This meticulously maintained 4-bedroom home in the well-established Figgins neighborhood is must-see. Upstairs features a beautifully updated kitchen/dining room, a generous sized living room, master bedroom, an additional bedroom, and thoughtfully renovated bathroom.
$875,000

1068 Flanders Creek Avenue, Bozeman, Montana 59718

1068 Flanders Creek Avenue, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.10Acre
1,500Sqft
Rare find in Bozeman-a townhouse with a three car garage! This well maintained home is move in ready, from the cozy and private front porch, to the spacious living room with a three sided fireplace allowing enjoyment from the kitchen/dining area as well. The spacious patio features privacy, a hot tub and plenty of room for entertaining or grilling.
$575,000

840 Quail Run Road D, Bozeman, Montana 59718

840 Quail Run Road D, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,519Sqft
You'll love this charming and well maintained condo centrally located in the desirable North Star Subdivision in Four Corners. This quiet bright end unit boasts 3 bedrooms, 2 baths and 1519 sqft of living space. The combination open concept kitchen, dining room and living room make for easy and spacious single-level living, accented with vaulted ceilings and a granite finished gas fireplace.
$529,900

2940 Upper Rainbow Road, Bozeman, Montana 59718

2940 Upper Rainbow Road, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.97Acre
1,588Sqft
Lovingly maintained single level home on almost an acre in the desirable Four Corners area. This charming single owner home comes to market for the first time and offers three bedrooms and two bathrooms with an open floor plan. The kitchen has plenty of counter space, ample cabinetry for storage and a center island.
$700,000

727 Harper Puckett Road, Bozeman, Montana 59718

727 Harper Puckett Road, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
20Acre
1,780Sqft
GREAT HORSE OR GENTLEMAN RANCHER PROPERTY. PROPERTY WILL CONVEY WITH 50 INCHES OF WATER RIGHTS FROM THE LOWER MIDDLE CREEK DITCH COMPANY. HAS AAKER CREEK THAT RUNS YEAR ROUND THAT RUNS THROUGH THE ENTIRE PROPERTY. BEAUTIFUL GOLDEN WILLOW TREES. THIS PROPERTY HAD GREAT DEVELOPMENT POTENTIAL AND HAS NO COVENANTS OR ZONING. COULD BE A GLAMPING PROPERTY.
$2,700,000

96 Defender, Bozeman, Montana 59718

96 Defender, Bozeman, Montana 59718

4Bedroom(s)
4Bathroom(s)
0.52Acre
3,393Sqft
Stunning new plan under construction in Black Bull! This modern design is located on a .5 acre+ lot in a quiet cul de sac. Backing to state owned land, this lot provides an abundance of privacy. On the main floor are three bedroom suites, each with their own luxury bathrooms.
$1,899,000

171 Cold Smoke, Bozeman, Montana 59715

171 Cold Smoke, Bozeman, Montana 59715

3Bedroom(s)
1Bathroom(s)
1.19Acre
2,940Sqft
Glorious views of the Gallatin Valley and surrounding mountain ranges from this 1-Level custom. This home features 2 large master suites which has have large walk-in closets. One bath with separate tub and shower, 2nd Master with walk-in closet and 3/4 bath, additional bedroom and office.
$2,375,000

1609 Maple Street B2, Bozeman, Montana 59715

1609 Maple Street B2, Bozeman, Montana 59715

2Bedroom(s)
2Bathroom(s)
1,046Sqft
Stunning Mountain views of The Bridgers and Spanish Peaks can be seen from these incredibly well located, brand-new Bridgeview condos. Just down the street from MSU. These newly constructed condos boast dual bedrooms with en-suite bathrooms; featuring beautiful tiled showers with glass doors.
$499,500
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