So you’re thinking of selling but not exactly sure what the price of your home is? Well, there are numerous factors that determine this and you’ll want to have an informed Realtor on your side during the process. The pricing factors include:
1. Market Review
Realtors will use their internal system tools and look at the recent sales of similar homes in your neighbourhood. This is called a Comparative Market Analysis. This also includes homes that failed to sell as this will give you a ceiling price.
2. Physical Review of your property
First impressions are KEY to potential buyers and this definitely can have an effect on your home value. Renovations, upgrades, age of big ticket items such as a furnace and roof, and even the condition of your appliances all play a part in the pricing process. A Realtor should inspect the interior and exterior and note features that will help your home’s sale price and things that may hurt it as well as offer suggestions that may increase value.
3. Market Economics
While this isn’t a real exciting thing to talk about (maybe just for nerds like myself), I’ll keep it short and sweet: you need to know the supply and demand factors of houses in your area!
A well informed and educated Realtor should be able to tell you this very quickly.
At the end of the day the pricing decision of your home is completely up to YOU, but make sure you have all the necessary information so you are able to maximize the value of your home and make top $$$.