When selling a home, many people believe that the most important decision you are going to make is deciding on the listing price. This will get the right potential buyers in the door right away and could save you a lot of trouble and time in the end. But unless you're an expert on selling cottages in PEI or homes here in Toronto, it can be difficult to know what that perfect price might be. Many factors determine the value of real estate, and home prices change all the time. Here are some of the main points toconsider when you're attempting to price your Toronto Loft.
Key Factors That Influence Your Home's Resale Value
The biggest tool that's going to help you decide on your home's value is your real estate agent. When it comes to the current market conditions, agents have access to the latest information; yours should be well-acquainted with the ebb and flow of home sales in your area. When choosing an agent, select someone with a great track record for selling properties downtown or in North York, or wherever you're thinking of moving. This will likely mean that they have a keen eye for choosing the right market value for their properties.
Location, Location, Location
When thinking about home value, you should consider the features you placed on your wish-list when you first bought your home. One of the most important things was likely the property's location. Every neighborhood within Toronto has its own pricing and sometimes, just moving a few blocks in one direction or the other can drastically affect the home's price. If you're selling in Toronto Annex real estate then you can certainly expect different listing prices than if the same home were located say, along the Kingsway or in Cabbagetown.
Homes are constantly being bought and sold throughout Toronto, and when you're deciding on your own home's price you should definitely take the time to look at comparable home sales within your neighborhood. A comparable home is one of a similar size, age, and the same number of bedrooms and bathrooms as your current home. Remember, you’re looking at the selling price and not the listing price in this case. You want to know where buyers are placing their value.
Lastly, consider any upgrades that you’ve made to your home. While renovations and repairs usually add some value, you need to remember that they usually don't add as much as they cost to complete. More importantly, some rooms are more valuable than others. People are most interested in a new kitchen, bathrooms, roofs, and the major systems that run through the property.
If you enjoyed our article, you may also be interested in reading this article entitled Toronto RealEstate.