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What criteria is used to evaluate my Real Estate Property ?

Most Recent Sales

Your Realtor can provide a comparative real estate market analysis on your property using statistics provided by the local real estate board which records all real estate activity listed and sold in their area. The most recent sales comparable to your property are used to determine market value.

Two Important Influences

1. Location

Location plays an important part in the value of your real estate property. Properties with views and backing onto greenbelts as well as ones that are located on cul de sacs or quiet streets usually will sell for more money. Also a similar property may be worth more in a certain or desired area. If your real estate property is located in an area where rezoning to commercial or multiple unit housing is a possibility it may have future value added to it Your realtor can assist you in determining your home’s real estate value.

2. Condition

The amount of improvements you have made on your home dramatically impacts the sale price. Some improvements may be worth their full value, however other improvements will be discounted. For example spending $10,000.00 on new siding will not necessarily mean you will recoup that $10,000.00 when you sell. Also be careful when you make additions to your home. Adding square feet to your home does not always translate into more money. For example if you were to add 400 square feet to a 1200 square foot home it does not necessarily mean that your home could compare with other 1600 square foot homes. The reason for this is that the rooms are not in direct proportion to a home that was originally 1600 square feet. Your realtor can advise you as to which improvements will give you the best return.

 
Marketability of Your Home
The Marketability Test is an evaluation of improvements on properties types. This evaluation is on any extras over and above a specified set of points allotted to that particular property type.

Your Homes Value
Knowing the value of your home or property is essential if you are thinking about selling.



 

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