09 Feb What is the Market Value of Your Home?
What is the Market Value of Your Home?
As a seller, having your home evaluated by a qualified person with excellent market knowledge and experience in your neighborhood is key to determining the market value for your home. Establishing the right price for your home according to the market and condition of your home will save you a lot of worry and frustration and maximize the number of potential buyers interested in your home.
Determining the Market Value of Your Home
If you were to put your home up for sale tomorrow, how would you determine the market value of your home and what it would likely sell for? How do you get the most dollars?
Some may be tempted to use an on-line valuation tool and look at a list of sold listings. These approaches will provide some base information but they do not include a number of key criteria to determine the market value of your home.
Your home’s probable selling price is influenced by the following factors:
- The type and style of your home.
- The size of your home. Knowing its approximate square footage, finished above grade (upper floors) space and below grade (lower level/basement).
- The condition of your home. (Is it “move in” ready?)
- Have major items (roof, furnace, windows, kitchen, baths, appliances, etc.) been updated?
- How well your home shows. Has it been freshly painted? Is it staged? Would potential buyers consider it move-in ready?
- What is the desirability of the neighbourhood and your home’s location?
- What is the density of the neighborhood compared to surrounding neighborhoods?
- What is the size of the lot?
- Is there exterior landscaping, fencing and curb appeal?
- Recent selling prices of similar homes in the area.
- Which builder constructed your home?
- The current demand for a home like yours. Does the layout meet today’s buyers’ needs, i.e. open plan, main floor den, etc.
All these factors, especially recently sold homes in your neighborhood and supply of similar homes need to be considered in order to determine the market value of your home and the price range within which your property will likely sell. Reviewing the features of your home compared to similar sold homes is key. It also important to examine similar homes on the market, as this is your competition. However, remember that prices of homes on the market are not proven.
Why is this information important? If you plan on selling soon, the benefits of knowing the probable selling price allow you to consider how to price the home and what a reasonable offer would be. But even if your plans to move are far down the road, it’s still a good idea to know what your home is worth today. That information enables you to plan ahead and make better decisions for your next home renovation and home purchase. And whether you need to consider selling and buying a home at the same time, budgeting and timing of your move.
As experienced Kanata Realtors®and Ottawa Realtors® we would be happy to prepare a home evaluation for you and make a plan to help you get ready for market, whether for next month or next year. Helping you prioritize the items that will have the biggest impact on potential buyers and dollars obtained is our specialty. We also have contacts of professionals, i.e. painters, handyman, flooring, to assist you. We have been successfully staging homes for years, whether a small condo, single family home or larger property. Many of our clients have asked us to stage their new home!
Have a question about the market, your home or houses for sale in Kanata or greater Ottawa, please feel free to Contact us