Home Prices in DFW: How to Determine Value
The DFW Metroplex caters to buyers and sellers of nearly every budget. While home prices may fluctuate, there are a few guiding principles to consider when evaluating home prices for buyers and sellers.
One of the biggest factors involved with purchasing or selling a home is determining a house’s value. In the Dallas-Fort Worth area, home prices vary — from modestly priced townhomes and single-family houses to expansive estates in prestigious areas, the DFW Metroplex caters to buyers and sellers of nearly every budget. While prices may fluctuate, there are a few guiding principles that can help buyers and sellers determine a fair value.
Factors That Influence Home Prices
A home’s location plays a major role in its value. For example, easy access to retail and business districts along with good neighborhood schools nearby is important in determining a fair price for a home. Community amenities such as well-maintained public parks, playgrounds, libraries, and recreational areas also appeal to buyers and sellers.
The house itself is also an obvious consideration. Lot size and layout of a home plays a role in DFW real estate. Other important features to note when determining value include the amount of bedrooms, bathrooms, and living spaces along with the style and design of a home. Trends show that many buyers in the area appreciate homes with open floor plans and kitchens with upgrades such as granite countertops and sleek stainless steel appliances. Other popular touches that can appeal to buyers are modern, clean lines, as well as multifunctional spaces — for example, a comfortable living room that also serves as a place for reading and entertaining guests.
Tips for Determining a Home’s Value
Whether buying or selling a home in DFW, home prices tend to remain comparable within a subdivision or small neighborhood. One thing that real estate agents and appraisers look at is the prices that nearby homes have sold for and/or are currently selling for. For real estate professionals, this assessment is usually referred to as “evaluating comps.” One important factor when looking at comparable real estate is the price per square foot that a home has sold for in the past six months to a year. Real estate professionals will also look for homes similar in size and consider their amenities.
These guiding principles will give you a rough idea, but for more precise information, it’s best to consult with a real estate agent familiar with your area or a professional appraiser.