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Why should you get an estimate of the value of your property before you start your search?
One of the most common mistakes made by homeowners who want to put their property on the market is not knowing the true value of their home. As a result, expectations are either too high or too low – often too high! – in terms of the asking price to sell their property. This often results in difficulty negotiating the transaction, which could have been avoided if the seller knew in advance what the realistic asking price is.
Having your property evaluated by Équipe Tardif when you put it up for sale has several advantages.
What are the factors that influence how much a house is worth?
Real estate market trends, which vary widely, have a role to play in the value of a property. Other elements are more constant and will always be taken into account, such as geographic location, the size of the lot, as well as its general condition (windows, roofs, renovations done, etc.).
Trends in the real estate market
We have to analyze the economic context, whether we are talking about recession, economic recovery, high unemployment or full employment, to determine the value of our home. The same property could very well sell at a different price, depending on whether we are in a buyer’s market or a seller’s market.
The number of properties that are available for sale exceeds the number of buyers looking for a home. As a result, the supply is greater than the demand and sellers will have to compromise on the asking price if they want to close a deal. As a result, competition between sellers becomes fiercer and properties will sell for less.
When the number of properties is not sufficient to fill all the buyers looking for a home, the scarcity effect is created and sellers are less inclined to negotiate. In this context, a real estate bubble can be created and a rapid increase in market prices can happen.
Important work to be done by buyers
Is the property for sale trendy or does it require major renovations – whether esthetic or structural – at the time of taking possession? Of course, the amount of work that needs to be done before or shortly after moving in will weigh heavily on how much buyers will be willing to offer you.
Kitchen and bathrooms
Kitchens and bathrooms are areas where buyers are very sensitive. Installations that are dated, both in condition and design, could make a serious dent in the transaction amount. Since these spaces are expensive to renovate, buyers will be sure to take thousands of dollars off their offer if they have to renovate.
Condition of windows and roof
The condition of your home’s windows and roof is of prime importance and is something that is only addressed once every two decades. Tens of thousands of dollars are required to restore your property’s windows if they are not energy efficient or if the roof begins to show signs of wear and tear. And since these are things that buyers take for granted when shopping for properties, they won’t add value to their offer if the condition is satisfactory. However, they will consider the investments that need to be made and bring down the price if they decide to make an offer.
The cachet that some houses have, due to their construction dating back several decades, can sometimes attract certain types of buyers. However, more recent properties will have the advantage of reassuring people interested in owning a home and will have an upward influence on property prices.
Geographical location and land
Proximity to the city and services, rural or urban setting, waterfront… These factors, as well as the size of the land on which it is built, are all considered when we evaluate the price of your home.
Why not rely on municipal assessment?
The market value of your home and the municipal assessment often differ greatly. It is important to know that the municipal assessment takes into account many of the physical features of your property, which we have referred to earlier in this text. However, this calculation is more or less accurate since it can be outdated. It often doesn’t take into account the recent economic context or market trends which, as mentioned above, greatly affect the price you can charge for your property.
A municipal assessor, who has to estimate the price of thousands of properties, cannot examine your home in depth the way we can. Being directly connected at all times to the market and its fluctuations, a member of Équipe Tardif will be able to give you the straight goods. We will compare your home with similar properties in terms of location and key features that influence prices, as well as recent historical data on the selling prices of these comparable properties.
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