Free Home Evaluations in Edmonton
Free Home Evaluations in Edmonton
Assess How Much Your Home is Worth With a Free Market Evaluation
What is a Free Home Evaluation?
In today's competitive Edmonton market, home sellers need to price their property correctly if they hope to sell quickly and for more money. While it may seem counterintuitive, your property's assessed value is rarely a true reflection of what your home is actually worth. Instead, in real estate terms, your home is worth whatever people are willing to buy it for - its market value! In short, a home or market evaluation determines what buyers are likely to pay for your home within a 30 to 90-day market period (based on its current condition, more on that below).
How Does the Market Impact How Much My Property is Worth?
The real estate market is always in flux, and buyer interest always has a direct impact on what a home can sell for. You've probably heard the terms buyer's market and seller's market as a means of indicating who the market is in favour of. But it's important to understand what these supply and demand terms actually mean:
- Buyer's Market - A buyer's market means there are more houses for sale than demand, creating less competition and urgency for buyers.
- Seller's Market - A seller's market occurs when demand outweighs houses for sale, creating higher competition and urgency for buyers.
Another lesser heard term is a "balanced market", in which buyer demand and seller offerings are fairly equal.
Any market scenario will impact the value of a property, but within reason. That’s why, in any market, it's critical to have a well-priced home to ensure it sells quickly and for the most amount possible. A house that’s priced too high won't even be seen by buyers, while one that’s priced too low will sell fast but at your profit's expense.
How Does a Free Home Evaluation Determine My Home's Market Value?
On average, the three factors that determine your home's value are its specific location, current condition and the 30 - 90-day guidelines we mentioned above:
- Your Location - Your location has a direct impact on the value of your home. That’s why two identical homes in two completely different Edmonton communities can vary in price so significantly. We've all seen examples of this on a larger scale, where an apartment in downtown Vancouver costs more than a two-storey Edmonton home – simply because of its desirable postal code. The same logic applies when it comes to Edmonton neighbourhoods; where the exact location of your property influences its value.
- Your Home’s Current Condition - The current condition of your Edmonton home will also have a direct impact on what it's worth. Homes that require significant repairs or improvements will ultimately be less valuable than those in new or like-new condition. Of course, most buyers don't enjoy doing renovations. For this reason, they’ll expect a lower price-point to compensate for the investment of required repairs. Many home buyers will unknowingly subtract more value than what the repairs are worth and sellers have to drop the price even lower just to get an offer.
- 30 to 90 Days - The 30 to 90-day metric comes from the average time it takes a home to sell in most markets. The majority of properties should sell within three months of being listed if the property was well- priced. A home that’s taking too long to sell is likely overpriced, while a home that sells too quickly may have been underpriced (keep in mind homes always tend to sell faster when buyer competition is high).
Why Use A Professional To Determine Your Home's Worth?
We always recommend working closely with a great Edmonton REALTOR® to determine what your home is worth. With a home market evaluation, a qualified agent can work with you to set the best listing price, or suggest ways to improve your home’s value until you’re ready to sell.
A REALTOR® will also be happy to make adjustments for your unique personal situation. Perhaps a slightly lower price is worth an immediate sale if you're relocating, or maybe you're just testing the market with a higher price to see if you get any bites.