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Understanding Market Value

March 17, 2015

market-valueIf you were going to sell your car, what would you do? Well, you would probably check to find out how similar vehicles to yours are priced. Then you would set your advertised price within that range.

What you would be doing, perhaps without knowing it, is determining the “market value” of your car.

Market value is simply what buyers today are willing to pay for a particular product.

When you decide to put your house up for sale, one of the first things you and your REALTOR® will do is determine the market value of your property. That’s important to know because if you price your home too much above its market value, you probably won’t get any offers. Alternatively, if you price your property too low, it might get snapped up quickly but you’ll have left a lot of money on the table.

How does a REALTOR® help you determine your home’s current market value?

He or she will look at a variety of factors, such as the desirability of the neighbourhood, the features of your home, how well it has been maintained, renovations and other improvements you’ve made, and of course, its location.

Your REALTOR® will also review what similar homes in your area have sold for recently – which is, perhaps, the strongest indicator of current market value.

Once you know the market value of your home, you can make an informed decision as to how to price it so that it will attract the right type of buyers and the best possible price.

Should you price your home high above its market value in the hopes that some unwary buyer will purchase it? Unfortunately, that rarely works.

The good news is, your property may be worth more than you think. One of the best ways to find out is to invite a good REALTOR® to your home to do an assessment.

Looking for a good REALTOR®? Call today.

Filed Under: Selling your Home

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As a first time home buyer I was so happy to work with Fiona.
I was searching for a place for a year and she never pressured me, and throughout was patient and exceptionally professional.
She assured me that the right property would pop up, I continued to look at all the listings she would send me thru her client focused newsletter. Finally I found a place and although the price was higher than I was hoping she fought and went way out of her way to fit it in my budget.

I can't say enough wonderful things about her, I personally have friends that are realtors but Fiona by far out shines them in her knowledge of the market, her wonderful pleasant character and her genuine work ethics

Thank you for making it all happen for me!!!!

Ricky Reddy

Fiona Bratvold I am now following my dream of being a real estate professional, helping people find the house of their dreams all over the Lower Mainland of BC

Call Me: 604-831-0099

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