When it's time to sell your house, it's crucial to set the right price to minimize losses and maximize your return on investment. This assessment can also play an important role for financial institutions, which can use it to evaluate your borrowing capacity. An accurate market value estimation is therefore essential. This is where the expertise of a real estate agent becomes invaluable, offering professional support to navigate the subtleties of the real estate market.
The Importance of Comparables
An experienced real estate agent uses "comparables". This involves comparing your home to similar properties recently sold in your area. By examining criteria such as location, size, age, and condition of the property, an agent can accurately assess what potential buyers would be willing to pay.
Listing Price versus Selling Price
The real estate brokerage industry compiles all property sales in your area and provides agents with very detailed comparable reports that indicate the actual price at which properties were sold, not just the list prices. This distinction is crucial, especially in an active market where list prices can be strategically low to generate more offers and provoke a bidding war. Therefore, basing your market value assessment solely on list prices can prove to be inaccurate.
Professional Advice Before Selling
In addition to using comparables, your agent can advise you on simple improvements that could significantly increase the value of your home. Whether it's minor renovations or simple cosmetic touch-ups, these changes can greatly enhance your property's appeal on the market. With their experience and numerous property visits, agents know which improvements provide the best return on investment before the sale. Moreover, the renovations performed are data compiled by the real estate brokerage, providing detailed reports on the impact of different types of renovations.
Beyond Municipal Assessment
The municipal assessment of your property is often outdated compared to the current market and should not be used as the sole indicator of the selling price. Market fluctuations, influenced by economic indicators such as interest rates, can make the municipal evaluation obsolete. Agents are immersed in the market and are best positioned to help you set a price that reflects the true value of your home in the current context.
Making the Decision with the Agent
Your real estate agent will propose a selling price based on comparables, their expertise, and analytical data. Beyond this information, they also have a business sense that allows them to evaluate the best marketing strategy, often starting with the price determination. Sometimes, the suggested selling price may not meet your expectations. It might be tempting to negotiate to achieve your desired price. However, keep in mind that the best agents are not those who accept assignments at any price, but those who rely on their experience. Collaborating with your agent on the selling price is a key to success.
Conclusion
Hiring a real estate agent to evaluate your house not only ensures that you get an accurate estimate but also provides strategic advice to increase the value of your property. A good evaluation is the first step towards a successful sale, giving confidence to buyers and facilitating a smooth selling process.
For anyone considering selling their home, consulting a professional is not just an option, but a necessary step to ensure that you receive the best possible return on your real estate investment.
Highlighting the property's attributes, such as the number of rooms, the price, and the address could significantly attract potential buyer's attention and contribute to the successful sale of the property.
For all your real estate needs, contact me Jacques Ouanounou (514) 574-3406, Real Estate Broker, Saint-Laurent, Montreal.
