What’s Your Home Really Worth? 6 Factors That Impact Market Value

If you're planning to sell your home, understanding how it's valued is key to getting the best price. Many homeowners are surprised to learn just how many factors influence their property’s market value. From its location to its condition, every detail plays a role in determining the final price tag.

This blog explores six key factors that influence the value of your home, so you’ll be well-prepared to price it competitively in your local market.

1. Location

Buyers prioritize living in areas that suit their lifestyle and needs. Here are some factors that may be considered when choosing a desirable neighbourhood:

• School districts: Homes located within walking distance to schools are often attractive to buyers with young families.

• Commute times: Proximity to public transport links and major roadways can boost a home's market value significantly.

• Amenities: Buyers also value access to recreation, shopping, dining, and entertainment options. A home near parks, walking trails, or popular neighborhoods is also popular.

• Safety: Crime rates can heavily influence desirability, and properties in safer areas often see higher demand.

2. Size

When it comes to market value, size does matter. The larger the living space, the more value your home typically has, and this includes both indoor and outdoor areas.

• Square Footage

• Lot Size

• Room Count

3. Age

Is newer always better? Not necessarily. While age can either lift or lower your home's value, it's usually tied to the property's upkeep and modernity.

• Older homes with historic charm can command higher value if they’ve been well preserved.

• Homes with out-dated interiors or essential systems (like plumbing and electrical) that are showing age may have reduced value.

• Newer homes may attract buyers looking for move-in-ready properties or more energy-efficient designs.

If you have an older home, making strategic upgrades—such as replacing an old roof or modernizing key rooms like the kitchen—can counteract concerns about its age.

4. Condition

A home’s condition is one of the biggest dealmakers—or dealbreakers—for buyers. Buyers focus on properties that are move-in ready, saving them money and effort on repairs.

• Well-maintained properties often have more value because they require less upfront investment from the buyer.

• Homes in poor condition, such as those with structural damage, outdated systems, or deferred maintenance, may detract from the value.

• Updated details like, fresh paint and flooring, can add significant value when combined with good staging.

Routine upkeep is key to maintaining value over time. If you’re preparing to sell, consider consulting an inspector to identify and resolve major red flags before listing.

5. Current Local Market

Real estate is about supply and demand, and the current market conditions have an undeniable impact on your home’s value.

• Seller’s Market: If there are more buyers than homes available (low inventory), your home may sell for above the asking price.

• Buyer’s Market: Conversely, when inventory outpaces demand, you'll likely face more competition, meaning fewer or lower offers.

• Economic Trends such as interest rates, employment levels, and inflation also play a big role. Lower interest rates, for example, often encourage more buyers to enter the market, boosting home values.

Stay informed on local real estate trends by working with a knowledgeable REALTOR® who understands shifts in demand and supply specific to your area.

6. Comparable Sales 

One of the most reliable measures of your home’s market value is looking at comparable sales - houses with similar features recently sold in your area.

• Location (within the same neighborhood)

• Size (similar square footage and lot size)

• Age (close to the same construction year)

• Features (similar number of bedrooms, bathrooms, and upgrades)

An experienced REALTOR® will be able to provide you with a sound Comparative Market Analysis on your home.

Whether you’re a home seller or simply curious about your home’s value in the city of Regina or surrounding area, reach out and let me put my knowledge to work for you.