You may have some idea of what your property is worth to you, but how do you go about gauging a realistic price when measured against the current property market and economic climate? This post outlines a few ways that can help guide sellers towards finding a fair market value when compared to similar properties.
Use some Online Tools
Use an online market value tool or calculator like this RBC one to create an estimate of your property’s fair market value. Think about upgrades you've done, as well as additions to your property; this can raise your estimate substantially. And remember to be honest with your answers to get the optimal results.
Book a Home Appraisal
Professional home appraisers conduct a full review of your property and then create a accurate appraisal of the property's value. Average price of an appraisel can be $250 to $750, but it can vary depending on the size of your property.
Talk to Your Real Estate Agent
Using an experienced real estate agent who really knows your area will give you a substantial advantage when it comes to figuring out the right price for your home. The agent will have in-depth knowledge of the property market, and will be able to give solid advice on value, and market-appropriate comparisons that together can provide a good estimation of the true market value.
I have a free home evalution tool here where you can input information about your property and I’ll get back to you with a realistic idea of market value.
Talk to me about This option if it is of interest; nothing contractual and no obligations, just information.
In Conclusion
Many factors contribute to the fair market value of a property. These include: the property itself, the actual plot or acreage size, the value of recently sold properties in the area of a similar size and condition, the area in which the property is located, and the particular market rates and economic situation for any given date. With all of this in mind, it can be tricky to find an accurate value, but the ideas above can help you towards and realistic figure.
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