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Discerning Property Value
How is the market value of my property determined?
The market sets the price. Your Royal LePage Real Estate Services Ltd. REALTOR® will help you set a realistic price to match market conditions.
Your REALTOR® can give you a comparative market analysis based on similar homes in your area. It will show current listings, recent sales, and expired listings (a good thing to check because these houses are usually either overpriced or poorly marketed).
Your REALTOR® will help you develop a competitive price based on:
- Community amenities
- Financing options
- Market conditions (Is it a buyer's or a seller's market?)
Remember: The market determines price. Avoid the urge to price your home based on considerations that do not affect its market value. For example, the following do not affect the market value for your property:
- How much you need to purchase your next home
- How much you paid
- How much you spent on improvements
- The value of a similar home in a different community
- The cost to build the same home today
- Your personal attachment to your home (Yes, it's your house and you're proud of it, but this makes no difference to potential buyers.)