The Buyer ultimately determines the true value of your property, …in other words what would a willing Buyer pay for your home in today’s market place given an arms-length transaction. To help determine what a potential Buyer may be willing to pay for your home, a clear understanding of how your Royal LePage Representative assesses your Market Value will educate you on how your sales representative evaluates your home and why the market evaluation is an essential part of helping you get the results you are looking for which is… Selling your home for the most money in the shortest time period.
What is the definition of Market Value?
Market Value is the highest price estimated in terms of money which a property will bring if exposed for sale on the open market allowing a reasonable time to find a buyer who buys with the knowledge of all the uses to which it is adapted and for which it is capable of being used. Frequently it is referred to as the price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.
Key Elements that Need to be Initially Considered
Before your Royal LePage Team Realty Sales Representative can compare your home to similar properties and establish a competitive list price, it is imperative that the following points be taken into consideration:
- Condition of Home and Show ability
- an Availability for Viewing
- Features, Upgrades and Extras
- Community Amenities
- Accessibility of Financing for Buyers
- Market Conditions ie: Buyers Market, Sellers Market, Stable Market
- Supply and Demand
Getting to Know Your Market
Your Royal LePage Sales Representative will prepare a Comprehensive Market Evaluation which will help identify what today’s buyers may be willing to pay for your home. It compares the market activity of homes similar to yours in your neighborhood and will include details of:
- homes that have recently sold, which may represent what buyers are willing to pay
- homes currently listed for sale that may compare to your home and could potentially be in competition with your home after you place it on the open market for sale
- homes that are available for purchase through New Home Builders
- homes that are available for sale privately
- homes that have expired, which may have been caused as a direct result of overpricing or may have been caused as a direct result of the poor condition of the home or a combination of both.
A Comprehensive Market Evaluation is based on the most current market information and will allow you, together with your Royal LePage Team Representative establish the proper marketing price for your home.