What is My Home's Value Right Now?

Good or bad, the land your home sits on is a large contributor to how much your home is worth. Are you in a "good end of town"? Are you close to schools, shopping, and public transportation? These factors heavily influence property values. 

Size matters when it comes to your home. The square footage, both above and below grade, will determine how much you can sell your home for. Whether or not you have a basement is also a big factor - take into consideration whether you have a basement or a crawl space. 

It's not just about overall square footage - the layout matters too. For example, often seniors prefer bungalows while many young families prefer split-level homes. Of course, the number of bedrooms and bathrooms are a huge factor, as well as the usability of the space. 

A finished basement can be a bonus for potential buyers looking for additional living space. An unfinished basement isn't adding to the usable space of your home, and typically doesn't add a ton of value. However, if your basement has adequate ceiling height and a separate entrance it could be converted into a separate suite which is appealing to many buyers including investors. 

The type of parking available on your property is a big factor when determining value. Attached garages are very valuable, detached garages and workshops can be appealing to the right buyer, and ample outdoor parking is always a plus. Sometimes, properties don't have parking at all which is often a hindrance when it comes time to sell. 

The condition and age of your property are important details to consider. Is the property fully renovated? And if so, what are the quality of the renovations? Have the big ticket items like the roof and windows been maintained? If the property has seen better days, it might need to be sold as-is. Whatever the case, the price needs to reflect the current condition. 

If you're lucky enough to have a property with special features, you know they are worth something! Backing onto green space, a large corner lot, special architectural features, wow factor, water views, a good school district - the list goes on. These types of items really set your property apart when listing on the MLS®.

There are also features that could hinder your listing on the MLS®. Being located on a busy road, close to a railroad, noise pollution in the area, unappealing views, bad odours - you get the idea. This doesn't mean your home won't sell, but these factors should be taken into consideration when setting a sale price. 

If the property you're looking to sell is a rental, you will need to take into consideration the income and expenses. Are the rental units collecting fair market rent or are they below current market value? Using a Cap Rate calculator can help you determine what your rental property is worth. 

The most influential factor when determining your property's value is recent comparable sales. Ideally you will look at the last 30 to 90 days of sales in your immediate area, and focus on homes that are direct comparisons to yours - similar square footage and layout, and equivalent finishes and condition. From there, you can determine what buyers are willing to pay for your property. We can get you this data - see our Pricing Page for more information on how to obtain a Comparative Market Analysis*.

When analyzing recent comparable sales in your neighbourhood, you will start to see what kind supply and demand there is in your local real estate market. Look at how many days comparable sales spent on the market. Did they sell quickly or linger for months? Did renovated or staged homes sell faster? These details will help you prepare and price your home competitively, and it will give you an idea of what you can expect when you list on REALTOR.CA®.

Your local municipal by-laws and zoning regulations determine how a property can be used within a specific geographic region. For example, your property could be zoned for residential, business, or industrial. More specifically, high-density residential zoning allowances are often coveted by certain types of buyers as future development may be an option. Be sure to look up your zoning before listing. Your property's zoning can be found on your city or municipality website.