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You always hear the most important thing in real estate is location, location, location! But what else influences the sale price besides the location? The size and the condition of your home play a big role. If your house is dilapidated and falling apart, it will pretty much be worthless. Other factors that affect the price are the recent sales of comparable homes. If the homes in your area are similar in size and condition, you can bet that their price will be close to the price you can expect for your home.
Another major factor in determining the price of your home is the ratio between the supply of homes in your area and the number of qualified buyers. If there are many qualified buyers that are looking to purchase a house in a given neighborhood and yours is the only house for sale, people are going to fight for it and the price will skyrocket. If there are a bunch of homes for sale, and only a few buyers, you can bet the price of the houses will go tumbling down.
