Whether the sale is made by a real estate broker or by you, appraising a property is not a simple task; you must be objective and be aware of current market conditions. There are no hard-and-fast rules for determining the correct market value of your property. What is more, various market conditions, which regularly fluctuate, can affect whether the price goes up or down.
The law of supply and demand also applies. The fact is that your property is worth what buyers are willing to pay for it.
You can base your asking price on the prices that comparable properties recently sold for in your neighborhood.
However, as you search for comparable properties, keep in mind that the asking price is rarely the price paid.
Another factor to consider in estimating the price is the time frame within which you are hoping to sell your property. If you need to sell quickly, the asking price is more likely to be subject to change than if the time factor is secondary to you.
In addition, recent renovations made to your property, its location in a sought-after area or high-demand neighborhood, the overall living space and several other factors will influence the sale price.
The following features could affect the value of your property:
· the size of the plot of land;
· construction materials used (e.g. all sides of building made out of brick versus a brick
facade only);
· proximity of services (e.g., daycare, schools, grocery stores, etc.);
· interior finish and existing décor;
· landscaping;
· and many other factors.
Certified real estate appraisers and real estate brokers are specialists who can help you value your property. You can call on their services to obtain a report that will help you set and validate your price. Consult our "Find a Broker" and "Resources and Support" sections to find a professional who can assist you.
And, finally, don’t forget that the market is constantly evolving.