HOW MUCH IS MY HOUSE WORTH?
Whether it’s a buyer’s market or a seller’s market, the type of market speaks to the demand for homes, which will affect how quickly your home sells, and for what price.
You might be wondering if you should take advantage of the climb in values and sell your home or tap its newfound equity. As you consider your options, a good starting point is to ask yourself: exactly how much is my house worth?
Ask your real estate agent to pull comparable sales. This will five you an ideae of what homes in the same neighbourhood have sold for in recent weeks.
Fair market value encompasses what your home looks like to prospective buyers compared to other homes in the area. Consider the sale price of a home that’s similar to yours (same number of bedrooms and bathrooms, square footage or outdoor space, say). If you work with a real estate agent to help you sell your home, this is where your agent will start: by looking at comps to gauge what buyers have been willing to pay for a property comparable to yours.
Location will impact the livebility of the neighbourhood, the price buyers need to pay to getinto the area, and the resale value for when it’s time to list.
While the appraised value of your home factors in comps, it differs from fair market value. To calculate appraised value, a licensed appraiser considers the location, size and condition of your home, and any renovations you’ve completed. The appraised value is what mortgage lenders look at when a borrower buys a home or refinances their mortgage.
Condition of the home
A fixer-upper and a move-in ready home will vary in terms of price, even with identical floor plans. Items such as a new roof, a finished basement, updated kitchen and baths can make a difference to the bottom line.