Determining the Value of your Home
Having an understanding as to what determines market value, will help you understand how your realtor will evaluate your property. The first step for me to determine the value of your home would be to schedule an initial visit, so I can view your property, and make some notes. I will then run some detailed comparisons of your home against similar properties that have sold. Some of the factors that are taken into consideration when running my analysis include:
- Size and style of your home
- Location and lot size
- Condition of your home
- Updates and upgrades to the property
- Amenities within the community
- Current market conditions (is it a balanced market, buyer’s market or seller’s market?
Once my analysis is completed, I will prepare a comprehensive Comparative Market Analysis (CMA) which will help to determine what potential buyers will be willing to pay for your home. A second visit will be scheduled for us to sit down together and discuss the results of the CMA. The analysis will include details regarding:
- Homes that have recently sold in your neighbourhood, including details about the listing price, the final selling price, and the number of days the house was on the market
- Homes similar to yours that are currently listed for sale
- Listings that have expired without the home selling. If a listing does not sell, it is often the result of being overpriced, in poor condition, or a combination of both
After reviewing and discussing the CMA together, we will then establish the proper list price for your home.