Price can make or break the sale of your home. If you price your home too high, it might sit on the market and you may have a difficult time selling it. If you price the home undervalue you are losing money in the sale. Are you wondering how to determine your home's value and find the happy medium?
You may hear a lot of ways to determine the value of your home, but not all methods work to give you an accurate assessment. We put together a list of popular methods to tell you what works and what doesn't.
Property Tax Assessments
A common method of trying to assess your home's value is to get a professional property assessment. In actuality, these assessments are often inaccurate. A property tax assessment often does not take into account outside factors that can affect the value.
These factor include the area in question, the company performing the assessment, and more. These assessments vary neighbourhood to neighbourhood, which can affect their accuracy as well as their credibility.
Last Sale Price
You may have been told to refer to the last sale price, or the last selling price, of the home to predict the current value of the home. This is a very misleading way of assessing value. As a buyer you may have overpaid for the home, or under paid. Also, the market has likely changed significantly since you purchased the home. The last selling price of the home should not be a factor in your value assessment.
The best way to determine the value of a home is to look at the recent comparables. This is the most widely used method. It's used most frequently because it's the most effective and accurate way to determine the value of the home.
A listing agent will be able to provide you with your Niagara property values assessment by looking at recently sold homes within your neighbourhood that are comparable in:
- Lot size
- Square footage
- Number of bedrooms
After looking at this and fully assessing the property, an experienced Niagara listing agent will be able to give you an accurate price of your home.