Knowing Your Edmonton Home’s Value
Understanding the value of your Edmonton home is one of the hardest parts of being a Team Leading Edge Realtors®. As you might already know by now, sellers already have a predetermined amount in their minds on how much they want to sell their homes.
But, how do you really determine your Edmonton home’s value? Well, it basically depends on what kind of property you own. If for example, you own a condominium unit, checking out the recently sold units in the same condominium building could help provide a starting point for the price. While for properties located inside a subdivision, such as town houses and detached homes, determining the price starts by checking out similar properties sold within a one mile radius in the past 2-3 months.
Remember, this is best done by Realtors®, like our team, since we have access unhindered access to the local Edmonton MLS listings.
After the check-up is done, probing deeper is key. You must analyze if the properties sold were at a lower or higher price range. In a stable market like Edmonton, foreclosure or short sales at a lower price range may not be the best representative of the actual fair market value of the house. Regular sales within the higher price range on the other hand can be a good consideration for the price as it can be a reflection of an uptick in the neighborhood prices.
The time of year is also a big factor in knowing your home’s value. Typical prices usually drop or stay flat in the winter months, such as what we’re experiencing at this moment.
If you have read our previous posts, we emphasized that upgrades or renovations play a crucial role in improving a home’s value. Those homes with upgraded baths and kitchens always have a better (higher) value than those that doesn’t have one. If you own a condo unit, those on the higher floors with a balcony and view tend to have a premium over those in the lower floors.
After all these things have been factored in, that’s the only time a reasonable price could be determined for your home.
Get in touch with us at (780) 634-8151, we’d love to help you figure out the best value for your Edmonton home.
Tags: edmonton home value, edmonton house value, edmonton housing price, edmonton mls listings, edmonton properties value, edmonton real estate value
