How Homes Are Valued

When you go to sell your home, you may be at something of a loss when it comes to figuring out how much your home is worth. People with Mississauga real estate to sell often have the same problem. It’s a global issue. In order to properly price your home for the real estate listing, you have to know how homes are valued and how to apply these principles of home valuation to your property. We’ll give you a run down of the subject here which we hope will help you get a jump start on your sale process.

Homes for sale in the real estate listings, whether they’re condos or houses, are not always priced the same way. The homeowner has a large amount of influence over the asking price of the home, even if he or she has hired a realtor to sell the home. Some homeowners have an inflated sense of what their home is worth, so some homes may be priced beyond the value that would be estimated by professionals. If you’re buying rather than selling, keep this in mind.

However, in most cases homeowners and the real estate agents that are assisting them attempt to price homes for sale in Mississauga as close to the market value as possible. What is market value? The market value of any item is the price a buyer is willing to pay for it. Therefore determining the market value of your home is a guessing game where you try to figure out how much a buyer will pay. Price it over and you may drive them away, price it under and you don’t get your due.

So how do you determine the market value of your home without conducting a survey of buyers before the home is even on the market? One way to do so is to hire a home appraiser. Appraisers are professionally trained people whose job it is to put a price on St. Lawrence market condos at the behest of the seller. The appraiser will visit the property and give his or her educated guess as to what a buyer would pay. This process will cost you $100 or more, depending on who you hire.

Of course, you can do your own educated guesswork if you want to save money. Appraisers use a number of different factors to arrive at a price, including the cost of any renovations made to the house, what the home has previously sold for, the value of the land it’s on, and what another Milton, Ontario house for sale in the same neighborhood has sold for. If you can get your hands on this information, you can come up with your own figure.