Determining the value of a property is a complex process with a lot of moving parts. While it may seem like a quick online estimate will do the trick, getting a professional valuation done by a real estate agent will be much more accurate and give you a better understanding of your home’s worth on the market. Here’s a few of the things an agent will take into consideration when determining your home’s value.
- The size of your home: Homes with more liveable square footage are worth more in general, so the larger your home, the more it will fetch on the market! That doesn’t mean that buyers aren’t looking for smaller houses though. Some buyers, like empty nesters looking to downsize, would love a smaller home, so it’s really just a matter of marketing your property to the right buyers to get the most ROI from your home.
- The age and condition of your home: Home in great shape will score more on the market. Likewise, homes that require more fixes and maintenance from potential buyers will be worth less. The market loves move-in ready homes, so those properties can be priced at a premium!
- Updates and upgrades done to your home: Does your home have a beautifully done kitchen renovation or just really nice finishes throughout? Buyers love to see upgrades and updates, and so they add value to your home!
- The performance of neighborhood comps: A good real estate agent won’t just look at the specifics of your home, they’ll look at how homes around you are doing on the market. They’ll look at the homes like yours in your area that have recently sold and are on the market. Then using the data they get from these comparable properties, AKA comps, they’ll be able to predict how much your home is worth on today’s market.
From learning about these four factors that determine your home’s value, you can see that a simple online estimate likely won’t get you the most accurate value. If you’re really interested in seeing how much your home is worth, then get in touch with a real estate agent!
Want to get my thoughts on your home’s value and what you can do to increase it? Then just give me a call and I’ll walk you through the next steps.
Trudy Wilson, Broker at RE/MAX Eastern Realty Inc., Brokerage in Bridgenorth, ON.
E-mail: firstname.lastname@example.org or Phone: 1 (705) 772-7598