How much is your home worth?
The Importance of Pricing
It is most important to price your home properly from the very beginning. Over-pricing your home is a sure way to deter qualified buyers. No one will ever pay more for something than they think it is worth, they will also not pay more for something if they can find something similar and/or serves the same utility.
This means if you price your home even 5% above market value you are already losing the interest of 30% of potential buyers. (Send me a message to receive my report on pricing)
Forces that affect the value of a Home
There are multiple factors that affect the value afforded to your home, most of these are all external factors that you as the owner have very little to no direct control over:
Location: The location of your home is very important to the value. It’s proximity to desirable amenities, the neighbourhood, how close it is to major roadways, location on the block (corner lot, cul-de-sac, etc.) or floor for condominiums, waterfront for rural properties, etc.
Age: The age of your property will directly affect it’s age due to natural depreciation. Certain factors can offset the effects of age, this includes location, size, if it had been well-kept and updated.
Size: The size of your home will affect its value directly, this includes total square footage (only what is above grade), total number of bedrooms, total number of bathrooms, and lot size. Certain homes with the same size will be afforded more values than others based on their construction type. A bungalow with the same size as a split-level will be afforded more value because of this.
Additional Structures: Additional structures such as garages will directly add value based on their size.
Updating/care and attention: This is a factor that you have direct control over. If you have constantly kept your home in great condition, repaired and updated it throughout the years you have added value to your home. When repairing a home it is very important to apply the principle of contribution, make sure everything you do to your home adds more value to the overall price than the cost of the update/repair. (Contact me if you require advice on this). Knowing how to properly stage your home for showings will add lots of curb appeal and will give it more up-front value in the minds of buyers. (Contact me for my guide to staging)
Subjective value is created and exists only in the minds of potential buyers, sellers, owners, and the users of real estate. It is the price people will pay for a property. It is very important to think like a buyer when selling your home. Buyers directly control the prices of homes on the market. Buyers are not buying your memories and attachment to your home, this is IMPORTANT TO REMEMBER. The principle of substitution applies here, you would not pay more for a something when you can get the same thing that serves the same utility elsewhere. (Contact me for my guide on “Where buyers look”)
Current Market Conditions
The most impactful force that determines the value of your home is the current market conditions. This, unfortunately is a volatile and dynamic beast that no one can directly control. Many things affect the market, this includes the economy, the amount of listings on the market, the amount of qualified buyers, the tightness of lenders on financing, to name a few.
You as a seller are at the mercy of the market, it is imperative that you price your home accordingly.
Market value is different than assessed value or how much it cost to build your home. In order to determine accurate and effective market value in order to sell your home for the highest price in the shortest amount of time in your current market you need to get in contact with a professional.
Agents do not simply “guess” the value of your home, a good agent will put in his/her research through due diligence using active and sold (historical) homes and their expert knowledge to determine the market value for your home.
Hey there, I’m Matthew Taylor. I work with individuals and families looking to buy or sell real estate in Regina and all surrounding areas who are looking for professional, responsive, and honest service to find the property that is best for them and sell their home in the quickest amount of time for the most amount of money. I want my clients to be the most informed, educated, and knowledgeable when purchasing or selling a home. I’ve been a Realtor® for a few years and I’ve served over 10 families to date. The best praise I’ve ever received from a client was:
“As first time home buyers we were nervous, we didn’t know anything about the real-estate market. Mathew Taylor was an amazing realtor to work with , he answered all our questions and made sure we were taken care of. He truly had our best interest in mind in helping us find the perfect home for our little family . We have nothing but good things to say about Matthew and just keep up the good work”.
Helping people to find the perfect home for them like that, makes me so proud and drives everything I do. If you’re looking for a Realtor who truly has your best interests at heart, Then we might be a good fit. I’ve earned two degrees, one in music performance and another in music education. When I’m not helping people find their perfect home, I can be found playing music, teaching music to kids, spending time with my family and friends, or volunteering at the YWCA. Want to learn more about how we can work together? Call or text me at 306-988-7554.