Factors to Consider When Pricing Your Home
Deciding on the best price to list your home at is a tricky thing. Many factors come into play, and these can change depending on the time of year, or countless other reasons. That’s why it’s beneficial to have a real estate professional to help you figure it out. Here’s what you need to be considering when setting the price.
Going Rate in the Neighbourhood
You might think your home is worth a certain price, but that can be significantly different than what neighbouring homes are listed (and selling) for. The price of the neighbourhood is one of the best ways to know if you will or will not get the price you’re expecting. The more desirable the neighbourhood, the more it will sell for. The best way to price your home is to find a home of a similar size in the same neighbourhood and see what it’s listed at.
Proximity to Amenities
Country homes sell for less because while they offer silence, they require a lot more travel to get to basic things we all need like grocery stores, work and school. That trade-off comes into play when pricing your home. The closer it is to these things, the higher the price. People value convenience, and that comes at a cost.
Size of the Property
The square footage of your home will play a factor in deciding its price. Obviously, a larger home will sell for more than a small home, but what really affects the price is the size of livable space (kitchen, bedrooms, living room and bathrooms). An unfinished basement and garage won’t actually increase the value by much.
Condition of the Home
How old is your home, and how recently has it been renovated and repaired? If the heating is breaking down and there are cracks in the foundation, don’t expect top dollar. Simple fixes can greatly increase the value of your home. Once you’ve made any major upgrades, make sure you hold onto the paperwork so that you can prove these fixes have recently been taken care of.