1. Supply, Demand & Competition
This factor moves proportionately with the market. When supply is low and demand is high prices will increase. If supply jumps but buyers leave the market, prices will decrease. As with supply & demand, the number of buyers for your house will determine price.
2. Location
It is not a myth, location is the number one thing a realtor considers when pricing a home. Besides proximity to all the standards – schools, transit, shopping, recreation – houses on one side of the street can back onto ravine green space and back on to a commercial retail plaza on the other side. The green space side will always have a higher market value. In condo buildings it is all about the view and the direction of the view. North facing units have a tendency to be darker than south facing units on the same floor. With more natural light, they would sell for a higher price.
3. Neighbourhood
While neighbourhood may sound a lot like location, it is very different. A nice, well-maintained home at the outside edge of a transitional neighbourhood will price higher than a similar one in the very middle. Neighbourhoods can have reputations, they can have issues with schools and they can have future development concerns.
4. Upgrades
This one is tricky because most homeowners upgrade for their usage and not for resale. If you change a three bedroom house to a two bedroom house with a big closet and a huge bathroom, you will not get a higher sale price than a traditional three bedroom home. However, if you add curb appeal and landscape the yard, you will definitely see a significant improvement in value. Finishing a basement because you need a space for your kids or to entertain is definitely a worthwhile investment. However, if you really wouldn’t use the space it may be worth not finishing the space. Unfinished space can be perceived by a buyer as an opportunity to add equity to a home. This can add value in their opinion when comparing your home, unfinished basement, to another similar home, basement finished in a way they don’t like.
For specific information on your home, please call or email us to provide you with a current evaluation. Looking forward to hearing from you!
Yours truly,
647-833-3287
The Nikolay and Tatiana Team