What's My Hamilton Home Worth?
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 a list of attributes and improvements, study the market in your immediate neighbourhood, the real estate market overall, and then price the home.
Many factors ultimately determine the value of your home
- The condition of your home, upgrades, level of maintenance and location are key factors
- The economic climate in the country and region, GDP, inflation, the strength of the 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 marketplace (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 based on several factors:
- The market activity of homes similar to yours in your neighbourhood
- Homes that have recently sold (representing what buyers are willing to pay)
- Listings currently for sale (representing the price sellers hope to obtain)
- Listings that have expired and were generally overpriced or poorly marketed
The benefits of setting the proper price
- 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
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
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)
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:
- Contractor’s estimates
- Up to date construction cost manuals
- Comparable vacant lot recent sales
- Abstraction method of recent sales
- Builders front foot values
This approach may be difficult to complete accurately if too many adjustments need to be made when comparing properties.
It would include
- Published MLS statistics
- 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.
Remember… this is a FREE service, there is NEVER ANY COST or OBLIGATION
I do not sell, trade, transfer, rent or exchange your personal information with anyone and appreciate the trust you place in me.
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