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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The following homes listed below were just listed in the last 7 days. This seller’s market is hot so we keep a close eye on the latest inventory. Subscribe below for instant updates of your ideal criteria.

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4633 Shadowglen, Bozeman, Montana 59718

4633 Shadowglen, Bozeman, Montana 59718

4Bedroom(s)
3Bathroom(s)
0.17Acre
2,617Sqft
Four bedroom single family home on Bozeman's growing west side. Two stories with a main floor master bedroom. Generous amount of counterspace and storage in the kitchen, gas fireplace in the living room and formal dining room. Upstairs features two bedrooms, bathroom and loft/flex space currently used as an office.
$769,900

203 Wickwire Way, Bozeman, Montana 59718

203 Wickwire Way, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.20Acre
2,067Sqft
Beautiful new construction available for immediate occupancy in Black Bull, just in time for golf season. Located steps from the club's amenities, 203 Wickwire Way provides easy single level living in one of Bozeman's most sought after communities. With 3 bedrooms, 2.
$1,499,000

2489 Andalusian Avenue, Bozeman, Montana 59718

2489 Andalusian Avenue, Bozeman, Montana 59718

4Bedroom(s)
2Bathroom(s)
0.28Acre
2,770Sqft
Welcome to 2489 Andalusian Ave in the highly sought after Baxter Meadows West Subdivision! This custom home is one of last crafted by renown Bozeman Developer Ed Adamson & Bozeman Building Traditions. This unique green and energy efficient home features two types of solar panels, complete with high efficiency Smart Triangle Tube Boiler System and radiant floor heating.
$1,399,900

29 Hoffman Drive, Bozeman, Montana 59715

29 Hoffman Drive, Bozeman, Montana 59715

4Bedroom(s)
3Bathroom(s)
0.07Acre
2,568Sqft
Spacious 4 bedroom, 3 bathroom Woodbrook townhome by renowned builder Ken Leclair in an unbeatable location near MSU, Downtown, and Bozeman Health. Enjoy the park-like setting backing to beautiful mature trees and babbling brook from the expansive newly built Trex deck. Main floor open living with vaulted ceilings and massive windows providing tons of natural light.
$749,900

340 Stonegate Drive, Bozeman, Montana 59715

340 Stonegate Drive, Bozeman, Montana 59715

4Bedroom(s)
3Bathroom(s)
0.96Acre
3,093Sqft
Brand new to market! Welcome to serene Stonegate subdivision tucked into Bozeman's Riverside Golf Course with spacious 1+/- acre lots & stunning mountain views. Abundant windows & natural light envelop elegant 3093 sq ft home with 4 beds & 3 1/2 baths. Main level master en suite boasts a ginormous walk-in closet/dressing room.
$1,500,000

3109 Augusta Drive, Bozeman, Montana 59715

3109 Augusta Drive, Bozeman, Montana 59715

4Bedroom(s)
3Bathroom(s)
0.29Acre
3,005Sqft
Beautiful home on the 14th fairway of the Bridger Creek Golf Course. "Big" unobstructed views of the Bridger Mountain Range. This home features 2 master suites, one with a walk-in closet big enough to make into another bedroom! Great room concept with corner river rock gas fireplace, large kitchen featuring cherry cabinetry, granite counters, butcher block island and a nice gas range.
$1,050,000

1418 Cherry Drive, Bozeman, Montana 59715

1418 Cherry Drive, Bozeman, Montana 59715

3Bedroom(s)
2Bathroom(s)
0.21Acre
2,523Sqft
This well maintained ranch style home backing to the Hyalite View Park is ideally located within close proximity to downtown Bozeman, Bozeman Deaconess Hospital, and Montana State University. The trail system runs right past the back door for hiking and biking opportunities as well. The two levels of this home afford separate bedroom/living areas for guests or roommates .
$825,000

280 Eagle Creek, Bozeman, Montana 59718

280 Eagle Creek, Bozeman, Montana 59718

3Bedroom(s)
1Bathroom(s)
2,182Sqft
This spacious 2-level Cottonwood Condo is ideally situated in the ever-growing West-End of Bozeman. Within walking distance to restaurants, coffee shops, trails, and workout facilities. Natural light floods the main level with an open concept floorplan with warm, oak flooring throughout the ENTIRE condo (helpful for those with allergies).
$720,000

315 N Tracy Avenue 508, Bozeman, Montana 59715

315 N Tracy Avenue 508, Bozeman, Montana 59715

2Bedroom(s)
1,418Sqft
The Henry is a proposed 6-story, luxury residential for sale development in the heart of downtown Bozeman, Montana. Totaling 44 condominiums, the project is 3 blocks from Main Street at the southwest corner of Tracy Avenue and Villard Street. The Henry is positioned to be the most sought-after residential property in Bozeman, given its location, amenities, design and views.
$1,554,000
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