Home Market Value

Determining Your Home Market Value

Now that you have made the decision to sell your home, it is time to   determine its asking price. Since the procedure by which it is   calculated can be somewhat complex, you will want to seek the guidance   of a trained professional – you're realtor. Should you price your home   too low, you could potentially cheat yourself out of thousands of   dollars. Conversely, if you price your home too high, potential buyers   will bypass it in favor of something more reasonably priced. Leaving   your home on the market for too long could have the adverse effect of   giving it an unfavorable reputation. The object is to choose a price   that is neither too high, nor too low. The asking price should be both   accurate, given its market value, and fair. Your realtor is familiar  with the market and all of its changes. Take advantage of their  knowledge and expertise.

What is Market Value?

Market value is the highest price that a willing buyer and seller, not  under any compulsion or outside pressure, agree upon. Determined by  outside influences, such as social and political factors, as well as the  economy, market value is the price that your home should sell  for in the current market. Your home’s fair market value depends on a  number of other factors including, how it was built, its location, the  condition it is in, the size of both the house and the property it sits  on, as well as the price of other similar homes that have recently sold  in your neighbourhood. The price you choose will also be determined by  the tempo of the market, the public’s confidence in the current economy,  and competition within the market. Ultimately, the market will  determine the value of your home, not you, making the services of a  trained professional who understands it and all of its complexities all  the more worthwhile. Don’t hesitate to ask your realtor any questions you may have – their knowledge could save you thousands of dollars please Contact Us for more information. 

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