What is my home worth?

You are selling your home, but how much is it really worth? The simple answer is that your home is worth as much as someone is willing to pay for it. That is one of the underlying principles of supply and demand and will have an influence on how much your home sells for eventually.

However, you won’t know that amount until a sale is agreed so it won’t necessarily help you determine what price to list you home at.

Instead, there are a couple of tips we can give that will help you determine the kind of price you can expect for your home:

1. Check Recent Home Sales

One of the best ways to judge the value of your home is to look around and see what other, similar homes sold for. That means looking at homes in your neighbourhood with similar lot size, number of bedrooms and home size. If any similar homes sold recently, that should give you a reasonable idea of the value of your home. However, it is not an exact science and those figures might vary from the real value if, for example, the similar homes weren’t sold recently or if the market is changing.

You should also remember that real estate is inherently local. There are differences in value between neighbourhoods and sometime between different streets in the same neighbourhood. Factors like distance to amenities, the amount of through-traffic, distance to schools, and closeness to transport links can all cause variations in prices. This should be taken into consideration when reviewing recent sales in your area.

2. Talk to an Expert

The Greater Toronto Area has over 48,000 licensed real estate brokers and salespersons. These are people who have made real estate their life, studied the industry, and have helped many people buy and sell homes. A good REALTOR® will have an excellent understanding of the market, and one who knows your area will be able to explain the kind of prices you can expect and why,

The Next Step

If you haven’t registered with a real estate agent yet, your next step should be to find one you are happy with and who knows your area well.

Licensed REALTORS® have access to the MLS® database, which gives them the ability to review all home sales in the Greater Toronto Area, so they can help you see what has gone on in your area.

That agent will then be able to guide you through the strategy of selling your home and help you determine the correct asking price by balancing your expectations with what they think buyers will be willing to pay for your home.