Edmonton Real Estate Blog

It’s the million dollar question, how would you really know the monetary value of your home? With the advent of the internet, it’s now easier than it was 20 years ago. Although, accuracy could be an issue since data changes all the time, knowing an estimated value of your precious home is better than knowing absolutely nothing at all.

Here are 5 easy ways to get you started if you’re thinking of selling your home in the near future.

1. TIMING: The time of year you’re thinking of selling your home plays a considerable role in its overall success. Winter season would typically pose a certain difficulty in the selling process since majority of the buyers don’t want to move things in negative degree weather.

Nonetheless, there’s always a market in whatever season, the only difference is the time it would take to sell it. Since there would be fewer buyers in the cold season, this may drag the price down as those people who would really like to sell will lower down their selling price to attract buyers. Also, homes that are for sale in the summer time might sell faster than those being sold in winter.



2. COMPARATIVE MARKET ANALYSIS: One technique that is being done by appraisers and Realtors all over the world to know the value of a property is called Comparative Market Analysis or CMA. Though this should really be done by professionals, there is no law that would stop you if you want to do this yourself.To put it in simple terms, CMA is the process of extracting an estimate value of a subject home based on the prices of properties sold in the same neighborhood, area or location in past few months, given the value of the sold properties have similarities to the subject home; same square footage, number of bedrooms.This isn’t a perfect science but it would be a good guide to know what the price range of your home is.

   Google search homes sold in your neighborhood the past month and see what prices come out. Ask your neighbors if they know anybody around your area that have sold a house and for how much. If everything goes as planned, you can compare and contrast the data you have gathered against your property and analyze the result which can basically give you a rough estimate on the price range.

   Do note that appraisers and Realtors have the tools and trainings to perform this process properly. It could be a hit or miss on your side of the business.

   

3. FREE ONLINE CALCULATORS: Take advantage of the technology that’s available. Like the CMA, online calculators might not give you the most accurate value but it would surely help validate the price range that you got out of the previous step that you have done.Keep in mind to be certain that the information you included in the info fields of the calculator are proper like the address, sq ft, etc. There is a probability that results from the calculator may vary widely, if and when this happen, you may just want to get the average of the results.
   

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4. MULTIPLE LISTING SERVICE (MLS): Realtors or real estate professionals all over the world use the MLS to store real estate data. From Edmonton, Canada to Manila, Philippines, MLS is being used. Although the systems being employed to run the process are very different, using MLS is the internationally known way to provide real estate information to clients.The public have limited access to the information inside the MLS but you may still use this as a tool to perform the first two steps. You may be able to check the number of people selling similar homes like yours on a particular neighborhood at a specific time and at what prices their homes are selling for.Realtors on the other hand have 100% access to all the pertinent information inside the MLS that they are a member with and could extract this information to establish an appropriate price for a distinct property.

   

5. USE PROFESSIONALS: That is what Team Leading Edge is for; licensed, competent Realtors that make it a living to help people like you determine the most competitive value for your home.An experienced Realtor will do the leg work in consolidating all the data needed to accurately put a price on your property. He or she will combine online, offline and internal information found in the Realtor network to help you sell the property in the best possible price, at the shortest amount of time.

After you have done all your homework, the next best thing to do is to work with the people who do this the best. Recently awarded as one of the Top 30 RE/MAX Real Estate Teams in Western Canada, Team Leading Edge has all the systems in place to help you succeed in this endeavor.  Call Team Leading Edge now at (780) 634-8151 to get you started.

You can download our FREE HOME EVALUATION here.