The market ultimately determines the true value of your property. There are a few simple points to try and keep in mind before you compare your home to similar properties and establish a competitive list price:
- Community Amenities
- Buyer Supply
Location of one’s home is very important, not only to sellers but buyers as well. Being situated on a busy road or a location on a private cul-de sac does make a difference in pricing. Does your home back onto a golf course or a gas station? Backing onto other family homes (no privacy) vs backing onto a ravine or green space? Is your home surrounded by multi family complexes? Is your home next to commercial buildings, such as mechanic shops, pubs, restaurants etc? Does your home have a million dollar view of the mountains? Downtown skyline? Does your location offer you a quick access to major routes in the city?Is your home close to schools & public transportation?
Size does matter. In an area where the average selling price is $775,100 & the Average Price/Sq.Ft. is $385.34, being short of 10 Sq.Ft. is about $3,853.40. What if you find out you are 200 Sq.Ft short of what you thought you had? That same calculation now jumps to $77,080. Know your home size, or better yet, before we list your home, we’ll confirm it by simply measuring it.
Is your home a bungalow, 2 storey, bi-level, 2 level split, 4 level split, attached, detached, condo? What kind of demand is your community experiencing for the style of your home?
When determining the price of your home, another important factor to consider is the current condition of your home. Normal wear and tear is expected, but what if your roof or windows need replacing? Will you adjust the list price or pay someone to replace the windows or the roof and bring the house back to its original condition.
Similar to the location of your home, Amenities do play an important role in determining the list price of your home. Proximity to a grocery store, schools, banks, playgrounds, public transportation, hospitals, public libraries, shopping malls, major highway routes.
There is always a buyer for every house ! Knowing the current market conditions will help you determine the activity in your area. Simple analysis of the two should give you a good understanding if houses are moving fast, slow or in a reasonable time frame. Also you have to consider the period of the year that you are thinking of selling your current home, for more information on that, please review the 10 Reasons to List your home during Holiday Season.