Determining the Market Value of your Home
Now that you have made the decision to sell your home, it is time to determine its asking price. Since the procedure by which it is calculated can be somewhat complex, you will want to seek the guidance of a trained professional – your REALTOR®. Should you price your home too low, you could potentially cheat yourself out of thousands of dollars. Conversely, if you price your home too high, potential buyers will bypass it in favour of something more reasonably priced. Leaving your home on the market for too long could have the adverse effect of giving it an unfavourable reputation. The object is to choose a price that is neither too high, nor too low. The asking price should be both accurate, given its market value, and fair. Your REALTOR® is familiar with the market and all of its changes. Take advantage of their knowledge and expertise.
What is Market Value?
Market value is the highest price that a willing buyer and seller, not under any compulsion or outside pressure, agree upon. Determined by outside influences, such as social and political factors, as well as the economy, market value is the price that your home should sell for in the current market. Your home’s fair market value depends on a number of other factors including, how it was built, its location, the condition it is in, the size of both the house and the property it sits on, as well as the price of other similar homes that have recently sold in your neighbourhood. The price you choose will also be determined by the tempo of the market, the public’s confidence in the current economy, and competition within the market. Ultimately, the market will determine the value of your home, not you, making the services of a trained professional who understands it and all of its complexities all the more worthwhile. Don’t hesitate to ask your REALTOR® any questions you may have – their knowledge could save you thousands of dollars.
Thank you for visiting my website! I have taken the time to provide you with as many resources and tools as possible in one spot so to try and help make the home buying experience as easy as possible.
Buyers: Check out my new Microsoft Bing Mapping tool to look around town and see the community you might like to live in. Then use the ‘points of interest’ buttons to search for nearby schools, parks or even the closest coffee shop!
Sellers: List with me and watch what I can do! Custom web addresses directly to your property on both my personal website and my brokerages site will help market your property directly to buyers and increase the speed at which your property is found.
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