Whether you are have actively decided to sell your home or want to know what you could potentially get for it if you wanted to sell it - it is always a good idea to have an indication of what your property is worth.
For sellers, their biggest concern will generally be the amount that they could get for their property, as this will determine their asking price. If an uneducated asking price is set, buyers who are familiar with the market won’t want to pay above standard prices. On the other hand, if you price your property too low you could run a loss on your property investment.
Factors That Determine Property Prices
There is a vast list of factors that can greatly influence and determine the value of your home. These factors can be both tangible and intangible, and some include:
The supply and demand for property in a specific location will heavily weigh in on the price of your home. If there is a low demand for homes, prices will decrease - while a lack of supply will push up property values.
The economic climate of a country also factors into how properties are priced. If there is an economic upturn more people are likely to buy homes, while uncertain financial times will deter them from doing so - thus influencing real estate values.
This is a logical factor that can make or break a property price. Homes that are located close to good schools, modern amenities and the ocean have been known to sell for higher prices. The type of neighbourhood, safety and transport opportunities also add to how sought-after a location is.
The property itself, also determines the price you would be able to ask and eventually get for it. The condition, the potential for expansion, additional space, an extra bathroom and parking will all count towards the overall value.
How To Find Your Home’s Worth
Once you understand what influences the price of a property, you can start to find out how much your home is worth. Generally, you can do this in two different ways.
Research The Market
The trick to determining the value of your home is to become educated and well-versed in your local property market’s trends. As the price of homes is a continuously shifting variable, your valuation could vary from day-to-day. This is why it is important that you understand what is happening in the market around you. When you are familiar with different trends and market conditions, you will be able to approximate how much you could sell your home for.
Work With The Professionals
While you could be able to determine the value of your home through an in-depth study and understanding of your local real estate market, it is still highly advised and beneficial to work with an industry specialist. Estate agents, who live and work in your area, have keen insights, expertise and a wealth of knowledge about various trends. They are able to provide you with a professional and accurate valuation - allowing you to get the best price for your home. On top of this, professional agents provide comprehensive real estate services from the initial listing to the eventual sale.
Understanding the value of your home is a crucial part of the selling process that will assist you in listing your property at the right price and get the most out of your investment. If you have decided that you would like to put your home on the market or merely want to test the waters, contact RE/MAX Masters.
Author RE/MAX Masters