One of the many benefits of owning a home is having the ability to sell it one day – hopefully for a healthy profit, which can then be leveraged to purchase a larger home, an investment or recreational property, or to help finance your retirement. Once you decide that you’re ready to take the leap and list your home for sale, the next question you should ask yourself is, “How much is my house worth?” This is a loaded question indeed, as the answer will impact your decision on asking price, when to list your home, or if you should wait until more favourable market conditions. A professional real estate agent can best advise you on what’s happening in the housing market based on a number of different variables such as housing supply and demand in your area, among other things.
The Price Is Right
We can’t stress the importance of setting the right asking price. An overpriced home runs the risk of sitting (and stagnating!) on the market for a prolonged period of time. This can seriously hurt your bottom line, especially if you’ve already purchased another home and you’re paying two mortgages simultaneously. Beyond that, overpricing your home could make competing listings look even more attractive. And oftentimes, fixing the issue isn’t as simple as just re-listing the home at a lower price. Buyers who are shopping the market will have already seen your listing, and they will either discount it as old news, or they may wonder what’s wrong with the property, in light of the price reduction. An overpriced home is not an ideal situation to find yourself in, in any selling scenario. On the flip-side, underpricing your home means leaving money on the table. Setting the right price from the get-go will ensure your listing attracts serious buyers, and some feasible offers too.
So, how much is my house worth? Let’s find out.