Whether you’re planning to sell or just curious about how much your house is worth, there are a multitude of factors to include when thinking about the value of your home. Here’s a guide to help you make an informed decision.
Liaise with your real estate agent. They have expert knowledge of the market and will have experience selling homes similar to yours.
Look online. It might sound obvious, but online real estate platforms are a good place to get an idea of comparative prices, and some can give you automated estimates based on local sales data. While not perfect, they give a ballpark figure and are helpful for initial research.
Know historical prices in your area. Understanding historical house prices in the same neighbourhood is key. Look at trends over the past few years to see if prices have been rising or falling. This will help you anticipate where the market might be headed.
Understand market conditions. This one is essential: Is it a buyer’s or seller’s market? In a seller’s market, where sellers have the advantage of high demand, you can often price higher. In a buyer’s market, where there is lower demand, you may require more competitive pricing.
Don’t be sentimental. It’s easy to overvalue your home due to your emotional attachment to it, but buyers will only pay what they feel is fair. Rely on objective data and professional advice to set a realistic price.
If you’re trying to work out what your house is worth, call or email me. I’m always here to help.