Homes and Condo Mississauga

How Much Is My House Worth


One of the many advantages of owning a house is that you can sell it one day – hopefully for a healthy profit, which can then be used to buy a larger house, an investment or a recreational property or to help finance your pension. Once you decide that you are ready to take the plunge and offer your house for sale, the next question to ask is: "How much is my house worth?" This is indeed a charged question. It opens the lock gates for a whole range of other factors that each influence your decision to ask the price to varying degrees.

The price is right

We can not emphasize how important it is to set the right asking price. A house that is too expensive runs the risk of staying on the market for a long time (and stagnating!). This can seriously damage your business results, especially if you have already bought another house and you pay two mortgages at the same time. In addition, the overpriced prices of your house can make competing listings even more attractive. And often solving the problem is not as easy as offering the house again at a lower price. Buyers on the market have already seen your offer and will consider this discount as old news, or they may wonder what's wrong with the property, in the light of the price cut. A house that is too expensive is not an ideal situation to find yourself in every sales scenario. On the other hand, undervaluing your house means leaving money on the table. By determining the right price right from the start, you ensure that your listing attracts serious buyers, as well as some viable offers.

So, how much is my house worth? Let's discover it.

MARKET CONDITIONS
Is it a buyer's market or a seller's market? The real estate market is influenced by everything from the local and larger economic picture to the weather. The type of market speaks with the demand for housing, which will affect how quickly your property is sold and that will help answer the question: "How much does my house cost?" The property market of a buyer is characterized by more homes for sale than people to buy them. An influx of ads (or fewer home buyers) means buyers experience less competition in the buying process and often take the time to see more homes before making an offer. Buyers also have a larger bargaining position when it comes to their offer and sales conditions.

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READ MORE: What is the difference between the market of a buyer and seller?

THE COMPARISONS [19659006] If you are not sure what your house is worth, let your broker get comparable sales to answer the question of a million dollars (depending on the market of course!) "How much does my house cost?" gives you an idea of ​​which houses have been sold in the same neighborhood in recent weeks. This is a realistic representation of what buyers have actually paid for similar homes in the same area. It is also wise to keep an eye on your competition. Pay attention to homes for sale in your neighborhood, their condition and characteristics, and the asking price – but take it with a grain of salt. Depending on the seller's strategy, they might be low in an attempt to attract more potential buyers.

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READ MORE: Sell at a buyer's market

THE LOCATION
A home location has a huge impact on value, and rightly so. It is a particularly important consideration for buyers, since a location is something that you absolutely can not change at home. Location determines the liveability of the neighborhood, the price that buyers have to pay to enter the area and the residual value when it is time to mention them. Translation: hot neighborhoods are always a hot commodity, often tiring market conditions.

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READ MORE: Location versus style

THE HOME
The location of a house typically exceeds style when it comes to appreciating, but that does not mean: condition, functions and upgrades do not matter when you decide what your house is worth. A fixer-upper and a move-in ready-home will differ in price, even with identical floor plans. Things like a new roof, a finished basement, a renovated kitchen and bathrooms can make a difference for the profit and the return on the investment can be the money and worth it. This is precisely why many home sellers choose to renovate or update their home before being offered for sale. Evaluate the costs of the renovation and consider whether you get this money back in the light of the market conditions on real estate.

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READ MORE: Top 6 House Renovations

There is a lot to see before you put that sign up for sale. What happens in the real estate market? Is there a question from the buyer? Who is your competition? What is my home worth? And finally, what can I do to make the sale? Start by working with an experienced broker who has a thorough knowledge of your specific area, market conditions and your intended buyer. Discuss all of the above with your real estate professional. At the risk that it sounds like an announcement of a public service, education is really the key in the buying and selling of home process, allowing you to make confident decisions about your property – and your financial future.

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