When selling your home, you must price it to sell. This can be one of the most difficult decisions you make during this process. Luckily, there are several resources available to help you determine just how much your home is worth. Here are three of them.
1. A Comparative Market Analysis
A comparative market analysis is a report given to you by your local real estate agent that provides data on homes recently sold in your neighbourhood and community. It offers information on homes that are similar to your own and the selling price of each property. As you look through this information, you will need to make slight adjustments for your own property as each home is different. Your real estate agent in Markham can help you with this process.
2. Receive an Appraisal
If you want the most accurate numbers for your home’s worth, hire a home appraiser to complete a full appraisal of the property. The appraiser will go through your home to determine its current market value. By completing this step prior to listing the home, buyers will have less wiggle room in their offers and you can feel more confident in your asking price. It can also be useful to determine how much a bank might lend to a buyer.
While receiving an appraisal prior to listing your home offers some benefits, there are many drawbacks as well. For example, an appraisal can cost you more than $500. Additionally, some banks will not use your pre-listing appraisal when determining the value of the home and this expense will need to be paid for once again. Also, appraisers typically only use the most recent sales that have closed, while agents are able to access all recent sales, even before closing. This means that in a fast-moving market, an appraiser’s evaluation might not be as current if there have been many sales in the past several months.
3. Ask Your Real Estate Agent
Many real estate agents, like Martin MacFarlane, offer tools and resources to help you accurately determine your home’s worth. For example, by filling out a simple form on Martin’s website, he will reach out to you and help you determine your home’s value. He will be there to answer all of your questions and address your concerns as you price your home.
Pricing your home accurately is not only important to help you in the selling process but it can save you time and inconvenience. You may experience less back and forth during the negotiation process and buyers will be less inclined to turn away due to ridiculous asking prices.
For more information about pricing your home and determining its worth, contact real estate agent Martin MacFarlane today.