What is your house worth?If you’re thinking about selling have your home, you’ve likely been following the market for a while. You know all the hottest housing trends and what your neighbours’ properties have been listed for. With this information in your back pocket, you feel you have a pretty good idea as to what your home is worth.
Every once in a while I’ll do a market evaluation and the person will say, “But my neighbours’ house sold for more than that and we have new flooring!” So what are the factors that affect a home’s value? Well, as professionals, we compare location, square footage, upgrades, year that the home was built, number of bedrooms, bathrooms, size of garage, cleanliness, basement development, age of furnace, and many other factors. Some features might be worth more than others depending on buyer demographics, geographical area and the type of home you’re selling. Maybe your neighbours’ home didn’t have hardwood floors, but instead it had an extra bathroom in the basement. Or it was staged better. Or they had a brand new kitchen.
Basically, it’s important to take all factors into consideration and understand what potential buyers in that area are looking for. At the end of the day, a home is worth what a buyer is willing to pay for it and a seller needs to be realistic. Remember, there is a buyer for EVERY HOME.
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