Have you ever looked at the real estate section of the newspaper and thought, “Why would anyone pay that much for that house?”
Pricing in the Toronto real estate market is as much an art as a science. If you’re selling your home, one of the most important duties of your real estate agent is to help you list it at an asking price that will get you the best possible selling price. This is why it is necessary to work with an agent who has the skills, experience and expertise to advise you.
We’ve put together a few tips to help you determine a ballpark figure of what your home is worth.
Your home is unique, even within your neighbourhood. There’s a reason we look at comparables to help us determine the value of a home: the selling prices of similar homes to yours are important in determining what your home is worth. But, it’s a lot more complicated than that. For instance, some neighbourhoods are zoned for two different schools. A home on the side of the street zoned for the “better” school might be worth tens of thousands of dollars more than a similar house across the street. A difference of just a few blocks can be the difference between an upscale neighbourhood and one that is considered down-market. This is why you need a real estate agent who knows your neighbourhood intimately.
The asking price is not usually the selling price. It is rare that a home goes for precisely the asking price. Some homes are deliberately underpriced in order to create a multiple-offer situation – otherwise known as a “bidding war.” More often, an experienced real estate agent will advise you to set a price that’s as close to possible to what he or she estimates to be the real value of the home. Buyers appreciate when sellers don’t play games and ask a fair price for their home.
Ultimately, your home is worth what someone is willing to pay for it: no more and no less. And remember, if you are considering selling your home, you can ask one of our experienced and qualified agents for an appraisal, no strings attached and no obligation.