How Much Is Your Home Really Worth? 5 Key Reasons You Need a Home Evaluation

March 24, 2021 7:00 am Published by Terry Paranych Real Estate Group

Are you thinking about selling your Edmonton home, or are you simply curious about how much your property is worth under current market conditions? Here are five key reasons to get an expert Edmonton home evaluation.

Property Evaluations Defined

A home evaluation (sometimes referred to as a market evaluation or property valuation) is the process by which a qualified Edmonton REALTOR® assesses the current market value of your home. Based on several factors (which we discuss in further detail below), the evaluation estimates how much your home is truly worth within a 30–90-day period. In other words, right now.

A home evaluation is different (and generally more accurate) than your home’s “assessed value,” which doesn’t necessarily indicate how much your home will sell for, but rather the rate at which your property will be taxed. Your home’s assessed value will typically stay fixed for twelve months, where your property’s market value can change at any time.

1. Price Your Home Correctly the First Time

Pricing your home correctly is critical if you hope to sell fast and for top dollar. Here’s why:

The First Two Weeks Are the Most Important – The first two weeks on market are vital in that they tend to attract the most home buyer showings. Overpricing your home during this period will turn buyers off and cause your home to sit on the market longer (leading you to drop your asking price, regardless).

See: How Long Will It Take to Sell My Home?

You’ll Attract Motivated Buyers – Here again, an overpriced home is an automatic home buyer deterrent. By doing so, you run the risk of automatically alienating an entire group of motivated buyers who may otherwise be interested in viewing your property.

You’ll Boost Buyer Confidence – We’ve mentioned the dangers of overpricing your home, but underpricing can be equally detrimental. Why? An underpriced home can raise buyer suspicion, causing them to believe something is wrong with the property and/or you may be a challenging seller to work with.

2. A Professional, Unbiased Analysis

You’ve no doubt created many fond memories within your existing home. However, it’s not uncommon for sellers to view their homes’ value through rose-coloured glasses – a mistake that can end up costing substantial amounts of time and money.

For this reason, it’s important to work with an expert Edmonton REALTOR® who can provide an unbiased opinion as to your home’s true worth based on the following factors:

Your Home’s Location – While there are countless notable neighbourhoods in Edmonton, communities that sit within close proximity to desirable amenities (i.e. schools, shops, services and entertainment) have low crime rates, rental rates, etc., tend to see higher property values.

Your Home’s Condition – Following location, your home’s condition is the second largest factor in determining your asking price. Of two comparable properties in the same neighbourhood, the one requiring fewer repairs or upgrades will warrant a higher listing amount.

Edmonton’s Current Real Estate Market – Housing market supply and demand will also impact your home’s listing price. For instance, in a seller’s market, buyer demand outweighs the number of homes available – allowing sellers to list their home for more as a result. Conversely, in a buyer’s market, sellers must price their homes strategically to attract interest since there is more inventory available than there are buyers.

Other home value-determining factors:

The size and style of your home
Current and future community development
Lot location
And more

3. Improve Your Home’s Value

As we mentioned above, a home evaluation takes your property’s current condition into account. During this process, your REALTOR® may even suggest ways to improve your home to increase your asking price.

Common REALTOR® recommendations may include:

Applying a fresh coat of paint
Improving energy efficiency
Addressing necessary repairs
Boosting your home’s curb appeal
Updating fixture and hardware
Etc.

Keep in mind, there is such a thing as going overboard – in which case the wrong improvements can cause you to price your home out of the Edmonton real estate market. This is yet another reason to work alongside a professional who knows it’s often the simplest changes that can have the most significant impact on your home’s overall value (so long as they are the right ones).

See also:

4. A Leg Up on the Competition

A home evaluation can also help set you apart from other homes in the area, and not just in terms of asking price. Different ways in which a valuation can lead to a leg up on the competition include:

Staging Advice – In addition to value-add repairs and upgrades, your REALTOR® can also recommend ways to make your home stand out via simple staging. As studies have shown, even minor staging efforts can lead to increased offers and reduced time on the market. This is yet another way in which an evaluation can help you sell quickly and for the most money possible.

See: Sell Your Edmonton Home Faster with These Easy (and affordable!) Home Staging Tips

Multi-Faceted Marking – Now that you’ve improved your home’s value, priced it correctly and staged it to attract buyer interest, your REALTOR® will utilize a 24/7 home selling system to ensure all eyes on your home at all times. Unlike other home sellers in your area who may be relying solely on a basic MLS listing, your home will be marketed via social media and Edmonton’s most popular home-selling sites.

Check out: Sometimes Even the Best Homes Don’t Sell

5. It Won’t Cost You a Thing

Another great reason to opt for a home evaluation? They’re completely free. As many reputable REALTORS® use this process as a means of getting to know you and your unique needs, they offer this value-add service 100% free of charge. Regardless of whether you’re ready to sell now or you’d simply like to get a feel for what your home may be work in today’s market, you’ll receive the very best in expert home-selling advice, no strings attached.

How much is YOUR Edmonton home worth? Find out with the help of the Terry Paranych Real Estate Group FREE Home Evaluation. We will come to your home during this process and determine the best listing price based on current market conditions.

Not sure if you’re ready to sell? No problem! We can simply suggest ways to improve your home’s value until you feel confident about hitting the market.

Tags: selling

Categorised in: Selling a Home

This post was written by Terry Paranych Real Estate Group