Homeowners are always curious about the market value of their home, especially those who are seriously thinking about selling their home.
“Real estate is hyper local – prices can vary hugely between neighbourhoods, and even between blocks in the same neighbourhood,” says Phil Dorner, president of the Ontario Real Estate Association. “Speak to a real estate professional who works in your community to get an accurate idea of what your local market is doing. A Realtor can perform a comparative market analysis to determine what your home is currently worth.”
Dorner offers some broad guidelines to homeowners to begin their assessment:
• Location: Location remains the single largest variable in real estate. How close is your home to transit, schools? What about amenities like recreational facilities and shopping centres? Homes close to transit and amenities tend to have higher values than those that are less conveniently located.
• Space: What is the square footage of your home? How many bedrooms and bathrooms does it have? The size of your home is another major factor in assessing its value.
• Type: What kind of home do you own? Is it a detached home, condominium, townhouse or semi-detached? As a rule, single family detached homes are (generally) the most valuable, followed by semis, townhouses and condominiums.
• Condition: Has your home been updated? Have you done any major renovations? Does your home have a modern kitchen or bathroom(s)? Homes that have been updated, and that are well-maintained, tend to command top dollar.
Your Realtor will be able to provide a detailed breakdown of the value of your home based on these variables and many more.
For more information, visit www.wedothehomework.ca.
This article is provided by local REALTORS® and the Ontario Real Estate Association for the benefit of consumers in the real estate market.