Before putting your house on the Collingwood real estate market to be viewed by potential buyers, you’ll need to decide on an asking price. So, you may be asking yourself, “What is the property value of my home?” You don’t necessarily need a total professional valuation to get a general idea. There are lots of factors that could be working for or against the value of your home.
For your convenience, we’ll cover some of the most influential factors below. Having this information will help you when it comes to negotiating prices and playing to your home’s strengths when marketing it.
Nearby Features
Nearby features and accommodations can easily influence the value of your home. This includes access to major highways and your proximity to shopping centres, restaurants, schools, entertainment venues, and employment opportunities. If your home is situated near these places, it will likely sell for more than if you lived further out in a rural area.
Age
The age of your home will also affect your home’s value. Newer Collingwood homes tend to sell for more, as they usually require less maintenance. But if you own an older home, you may be able to market its age as a selling point. After all, some people find older homes even more visually appealing than newer ones.
However, it’s important to note that you can really only make older age a selling point for your home if it’s in good condition. We’ll elaborate more on that in just a moment.
Neighbourhood
Your neighbourhood plays a big part in determining the value of your home. This impact could be either positive or negative, depending on where you live. For example, if you live in a neighbourhood with great features like a quality school system and aesthetic beauty, your home will have a higher value.
Condition
As stated above, the condition of your home will significantly influence its value, regardless of age. The most important aspects of your home’s condition include its foundation, electrical work, structural integrity, plumbing, and various fixtures.
If your home is in good condition, we recommend stating outright in your listing that these aspects of your home are in working order. If your home isn’t in good condition. You may want to consider investing a bit of money into fixing things up before putting them on the market.
Sale History
Real estate agents, appraisers, and potential buyers will almost always look at the historical sale price of your property. For example, if your home has been sold for around $200,000 every time for the past few years. It makes sense to start your valuation there and then to adjust accordingly based on any changes to the property or neighbourhood.
Looking for the Property Value on your Home? Hire a Collingwood REALTOR®
Knowing these home valuation factors can help you get a rough idea of how to price your home. For the best results, however, we recommend hiring an experienced REALTOR® from Collingwood. A local real estate agent has the experience and market knowledge to price your home so that you get the most amount of money possible without having your house sit on the market for multiple months.
If you are interested in hiring a real estate agent in Collingwood, we encourage you to contact us at your next convenience. Our team here at Royal LePage Locations North would be happy to help you, whether you’re buying or selling a home, a waterfront property, a condo, or any other property. We hope to hear from you soon.