No website or clairvoyant internet guru can tell you what your home is worth from a remote location, comforts of their office and never having seen it. A responsible Realtor will come to your house, see the home, compile list of attributes and improvements, study the market in your immediate neighbourhood, the real estate market overall and then price the home.
Please answer and submit the following Online Home Evaluation questionnaire; And remember, the more information provided, the more accurate the evaluation will be.
Many factors ultimately determine the value of your home
The condition of your home, upgrades, level of maintenance and location are key factors.
Economic climate in the country and region, GDP, inflation, strength of Canadian Dollar and unemployment rate are critical.
The Hamilton real estate market ultimately determines the true value of your property, particularly ratio of homes on the market and buyers in the market place (supply and demand) , average selling time, sale price to asking price ratio etc.
Getting to Know Your Market
A comparative market analysis is an indicator of what today’s buyers are willing to pay for a home. It compares;
the market activity of homes similar to yours in your neighbourhood:
homes that have recently sold represent what buyers are willing to pay
listings currently for sale represent the price sellers hope to obtain
listings that have expired and were generally overpriced or poorly marketed.
The Benefits of Pricing Right
Your property sells faster, because it is exposed to more qualified buyers.
Your home doesn’t lose its “marketability.”
The closer to market value, the higher the offers.
A well-priced property can generate competing offers.
Real Estate Professionals will be enthusiastic about presenting your property to buyers.
Is by definition the highest price of a property based on:
-willing and knowledgeable buyer and seller
-open market exposure
-reasonable market time
-no undue pressure or peculiar situation
1. The Income Approach
This income may cause the property to be at its lowest value if the income generated is not its highest and best use
V=I/CR (Value equals Income (net) divided by Capitalization Rate
(ideally market return rate)
2. The Cost Approach
This approach may not be most accurate due to construction cost changing constantly, as well, establishing true depreciation rate, can be difficult. Cost approach would include;
Up to date construction cost manuals
Comparable vacant lot recent sales
Abstraction method of recent sales
Builders front foot values
3. The Comparison Approach
This approach may be difficult to complete accurately if too many adjustments need to be made when comparing properties
It would include
Time/ resale method
Personal tracking grids
Comparison sales data
I am happy to provide this Free Home Market Value Assessment to help you set a price.
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