Recent Similar Home Sales In The Same Neighborhood Are Often The Best Indicator Of Home Value
Scott P. Rogers
What are the top three factors affecting home value?
"Location, Location, Location"
Or so the saying goes.
But, really, the location of a property is key in understanding its value.
A home with 1500 SF in one neighborhood in Harrisonburg will not necessarily sell for the same price as a home with 1500 SF in another neighborhood on the other side of town.
A townhome built 20 years ago in one neighborhood will not necessarily sell for the same price as a townhome in another neighborhood that was built 20 years ago.
As such...
Don't be too hasty in drawing conclusions about the value of a house based on the sales price of houses in a completely different location or neighborhood.
It is usually best to seek to understand the value of a home by first examining recent sales in the same neighborhood or location of the home in question.
