Free home evaluation
One of the first steps when thinking about selling a home is answering the top question that all sellers have, how much is my house worth? Given that the Edmonton real estate market (and the Greater Edmonton area of Beaumont, Fort Saskatchewan, Leduc, Spruce Grove and St. Albert) is competitive, it’s more important than ever for home sellers to price their property accurately so that they can get the best possible payout and sell quickly.
In real estate your house worth is essentially the price that a buyer is willing to pay for your home; this is known as the market value.
Why a comparative market analysis is important
While you can use online tools to provide an estimate of how much your house is worth, the best and most accurate way to determine the market value of your home is to have a REALTOR® perform a home evaluation or comparative market analysis so that you get the most accurate evaluation possible.
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How do our REALTORS® determine your home evaluation value using a comparative market analysis?
Our real estate agents perform an in depth analysis based on current housing market conditions. A comparative market analysis shows you current property listings that are similar to your home, recent sales, and expired listings. Expired listings are important because they often indicate a house that was either overpriced or poorly marketed.
Our real estate agents establish a competitive list price for your home based on the following factors:
Location
The neighbourhood where your house is located has a direct impact on the total value of your home and the price that our REALTOR®s think your home will sell for on the open market. This evaluation of what to list your home for will also vary from the assessed property value provided by the city. This is because the market value of your home is the price point at which buyers on the market are willing to purchase your home.
Market conditions
The real estate market is dynamic and conditions will vary across your location. Edmonton, Beaumont, Fort Saskatchewan, Leduc, Spruce Grove and St. Albert all have different market conditions—even different neighbourhoods will have different conditions.
As a seller, you are directly impacted by the current inventory available in the market (is there a high or low inventory of homes for sale?) and buyer demand (are there a lot of buyers in the market or only a few?). Are interest rates soaring, which directly impact mortgage rates and increase the cost of buying a home?
Property Details
The size, style, condition, and amenities available in your community also have an impact on your home’s value.
- The current condition of your home directly affects the buyer’s interest in purchasing your property. New or in like-new condition homes are more likely to sell quicker because many buyers don’t want the work of renovations or the hassle of having to make frequent repairs and upgrades.
- While many buyers like oIder homes, there is a high probability that evaluations will be lower due to the higher maintenance costs and heating costs. Or the higher risk of building materials like asbestos or Poly-B plumbing needing replacement.
- Single-family detached homes and semi-detached homes are often priced higher than townhouses or condominiums.
Why you should use a REALTOR® to determine how much your house is worth
Working with a professional REALTOR® gives you access to information that is not readily available on MLS®. REALTORS® have access to more insights and data, and because they are in the trenches day-to-day, they have a stronger understanding of existing market conditions and expertise in the different neighbourhoods within Edmonton and the surrounding areas.
This expertise provides you with the best possible value to list your home for sale. Your agent will also give you advice on how to improve your home’s value to get a more desirable sale price if you have a longer time frame. With a REALTOR® advocating for you and helping you with the selling process, you will get a full marketing plan that outlines the approach they will take to promoting your home to prospective buyers.