What is a Home Evaluation and Why Do I Need One?

Are you thinking about selling your home? We’re talking to you! Find out everything you need to know about home evaluations and how they help you sell your home quickly and for top dollar!

What is a Home Evaluation Anyway? 

Contrary to your home’s assessed value, a home evaluation will give you an idea as to what your home is actually worth based on current market conditions (otherwise known as your home’s market value). Typically conducted by a qualified real estate professional, an evaluation will tell you how much buyers will be willing to pay for your home within a 30-90-day period.

Could My Home Be Worth More Than What I Paid?

Yes! Maybe.

As we mentioned above, your home’s market value depends on current conditions. In a seller’s market, for instance, buyer demand is very high. This means more competition among buyers and often results in higher sale prices. A buyer’s market, on the other hand, means there is a surplus of inventory (more homes than buyers) – meaning you’ll need to price your home more aggressively to sell.

What Factors Influence My Home’s Market Value? 

During your evaluation, your REALTOR® will assess your home based on the following three factors:

1. Timeframe

Here again, your home’s “current” market value is based on a 30-90 window. This one to three-month mark is based on the average time it takes to sell a home, so long as it’s well priced.

2. Condition

Of course, homes in good condition will warrant a better asking price than homes requiring extensive upgrades and repairs. See our previous post 6 Simple Renovations to Make Before Selling to learn more about improving your home’s value quickly and affordably!

3. Neighbourhood

While there’s no doubt Edmonton is home to some fantastic neighbourhoods, some are in higher demand than others. For instance, communities boasting plenty of amenities such as schools, shops, services and golf course views will be sought after more than an area that’s just developing.

What Other Benefits Come Along With a Home Evaluation? 

Improved Value – As experts in market value, your REALTOR® will suggest ways in which you can improve upon your home’s current condition without breaking the bank. Even the smallest changes can make a dramatic difference in your asking price – as long as they’re the right ones.

A Leg Up on the Competition – The sole purpose of a home evaluation is to help your home sell. This assessment will help you price your home competitively and for top dollar, giving you the advantage over other sellers on the market.

An Expert in Your Corner – Your evaluating REALTOR® is an essential source of advice and guidance, especially when it comes to navigating Edmonton’s unpredictable market. You’ll rest easy knowing you have someone on your side, ensuring you get the absolute most for your home.

THEY’RE FREE! – Last but not least, the best Edmonton REALTORS® will offer their home evaluation services completely FREE! In short, you’ll receive expert home-selling advice that costs absolutely nothing!

Are you ready for your free home evaluation? Click the button below to get started!

We also invite you to take advantage of our many other FREE Seller’s Resources, including:

• Seller’s Guide29 Essential Tips That Get Homes Sold Fast (and For Top Dollar)
• 7 Insider Secrets on Showcasing Your Home For a Successful Sale
• Squeezing Every Last Dollar From Your Home Sale

Photo credits: Shutterstock.com

Categorised in: Selling a Home

This post was written by Terry Paranych Real Estate Group