Determining the value of your home is an important step when you’re planning to sell. Home prices have fluctuated in the last year so it’s possible you’re not quite sure what your home is worth today. Home prices in Ontario have dropped by just over 18% since February, but in other provinces like Nova Scotia, they’ve grown by 4.57%. Markets can differ largely from province to province, city to city, and even from one neighbourhood to the next. There are a few simple steps you can take to estimate the value of your home, and some tips to consider when pricing it to help position your home to sell quickly for a fair market price.
Look at Comparable Sales in Your Area
Review the homes in your area that have recently sold to give you a good idea of listing and selling prices. When looking at comparables, or “comps”, it’s important to look at recent sales, preferably within the last three to six months, and use those sales figures to gather a rough figure of what your home might be worth. Look for homes with similar features to yours as it will give you the best idea of what your home could be worth. If your home has a basement, a large backyard, is close to great schools, or any other important features that set it apart, look for similar comps. Other features like the number of bedrooms or whether the home has an open plan can also be considered when determining your home’s value. Avoid the extreme highs and lows seen during the pandemic market, as these figures may be inaccurate or not reflect true market standards.
Make Adjustments Based on Your Home’s Features and Renovations
If you’ve made any renovations to your home since you bought it, take those into account when adjusting the value. For example, if you’ve renovated your kitchen and created a modern open space, or improved certain elements like the plumbing or heating, these will positively affect the value of your home. Any specific features such as modern appliances or a pool will also help increase the value.
Take into account what kind of changes have occurred in your local real estate market as well. What property types are most in demand? Is it detached homes, condos, or townhouses? Also, is the market favouring buyers, sellers, or is it balanced? If the market currently benefits buyers more than sellers then you’re likely to have to list your home for slightly less, whereas with a seller’s market you could list it a little higher if your market is competitive. You can do your own research to get a feel for the real estate market, but remember that you can contact us anytime to talk to a real estate agent in your area for free.
Use Our Free Zoopraisal Tool or Contact Us to Speak to a Realtor
Our free Zoopraisal tool is available for Toronto and Greater Toronto Area (GTA) homes and will help you to get a rough estimate of what your home might be worth. Provide your address and a few details about your home to get a free and fast estimate of what it might sell for. If, however, you’re looking for a little more information or outside of the GTA, you can speak to one of our experienced real estate agents who can provide the same service, and help you navigate the market and get the best deal on your home.
