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What Is Your Home Really Worth In Today's Market?

Correct Price
Achieving the right price is Critical

In today's changing market, determining the value of your home for sale can be a challenge. Yet pricing a home right can make the crucial difference in a successful sale. Unfortunately, many home sellers fall into the trap of pricing their home based on these common misconceptions:

  • "I paid this much for my home, it must be worth more now" - The fact is, markets change. Your home could be worth a lot more, or a lot less, than when you purchased it.
  • "I made so many improvements" - Wrong! Many homes are over-improved for their size or neighborhood. Some improvements add value, while others are a matter of taste and style.
  • "It would take this much to replace it" - Replacement value is not a valid measure of existing property value, just as a used car isn't worth the same as a new one, no matter how well-maintained.
  • "I need this much for my home" - The market isn't concerned with how much you need to get for your home, only what the home is worth now.
  • "I just had a refinance appraisal done" - Many people refinance their home for additional money . Many banks will appraise the home as high as possible in order to loan you more money. This type of appraisal is almost always higher than what the home will actually sell for.

The Truth is that your home is only worth what someone else in willing to pay for it. The trick is determining what that is and finding that person. The first step in pricing your home right is getting a Comparative Market Evaluation. This Evaluation is a comparison of other properties in your area that have recently sold. You will be able to compare size, age, condition, amenities and other variables with your own home. You will also see the listing price and sale price of these properties. This information can be extremely valuable in pricing your own home. However, you'll also want to find out the total inventory of homes similar to yours and how long they remain on the market. Bonnie Mullinax can help you with this important information.

©2021 Rob Grey - Personal Real Estate Corporation RE/MAX of Nanaimo - Each office independently owned and operated