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The real estate market in BC in the past few years has seen a steady increase in home values. Fuelled in part by the Vancouver real estate market and local market forces of less supply and steady demand.
OK, How Much is my House Worth?
You have probably heard the saying, ‘your home is worth how much someone is willing to pay for it’. That is half the story, the other half has to do with what a seller is willing to sell. True home values generally fall within a range with an ideally buyer or best case scenario at the top of the range. If a home could potentially sell for $430,000 but it is instead listed for $399,000 there is a decent chance that even if a Buyer could afford/qualify for $440k they would still offer anywhere from $385k to $430,000 for that home that is listed at $399,000, it is just human nature.
The Listing Agent
Determining a listing price range can be part science and art so it is possible to get a wide range of values from different real estate agents or real estate appraisals. When determining a list price it is helpful to have experience with a large group of buyers to get a sense of what buyers are looking for in a property and how much they are willing to pay for those features. Bank appraisals for a home can be ten’s of thousands of dollars off (high or low), and property assessments can be up to 100’s of thousands of dollars off true market value. The market value for a property always falls into a range – the ideal buyer will buy at the top of the range. Depending on a Sellers personal circumstance/preference this can actually play a role in determining how much their home is worth. A motivated seller generally will price their home at the lower end of their house’s market value range.
Price is the easiest thing someone can change about a property. A Buyer’s preference in floorpan, location, features, etc are much harder to change than its price. Your house could have an ‘excellent price’ to a certain buyer but to other buyers they would not be interested in it for basically any price. Listing your property on a multiple listing system with a good real estate agent helps ensure you give every buyer the best opportunity to buy your home and the best opportunity for you to enjoy the experience and maximize the sale price of your home.
Are you thinking of Selling your home and would like a complimentary Home evaluation? Please feel free to contact me.
Call or text: 250-320-0154