How to Determine the Optimal Price of Your Home

Determining Market Value

Home buyers will determine the market value of a home based on their analysis of what comparable homes have sold for in your neighbourhood.

This process will be facilitated by their real estate sales representative who will conduct a market analysis of a neighbourhood using historical data (e.g., TRREB)

The value of a home will be largely determined by this comparative process. Comparative Market Analysis is the most effective method by which to determine what potential buyers will be willing to pay for a home.

Elements of Pricing Include

1. Understanding the buying process
   By the time a typical buyer is ready to make an offer, they will have seen all of the existing properties for sale in your neighbourhood.
2. Comparative market analysis
   A comparative market analysis is a comprehensive computerized market analysis of homes that can be considered similar to yours, or competitive in your neighbourhood.
3. Macro and micro factors affecting the price
   What you need to take into account before you even think about putting a price tag on your house.
4. Consequences of overpricing your home
   Why shouldn’t you overprice your house? Because if you do, everyone will know and potential buyers will be reduced.
5. Documents You Will Need to Sell Your Home
   There are seven documents you will need to prepare to sell your home. Find out what they are.

A nearby park is the kind of thing which can substantially increase the value of your house