Thinking of Selling? Find Out How Much Your Home is Worth

wilden view | Kelowna Life Real Estate

There are several methods real estate agents will use when valuing your home. To reach a compromise between the price the seller wants and the buyer is willing to pay, agents must use a somewhat standardized method for determining property and housing pricing. If not, then housing prices would vary wildly and become more like online classifieds for used electronics than a housing market. For the owner, their upkeep and maintenance of the home will begin to pay off massively. For the seller, having a home inspector to discover and uncover any hidden areas of damage or neglect is a necessity in finding the right home at the right price. For both the seller and the buyer, having a real estate agent that understands what you are specifically wanting in your home, and how or where to get that on budget, is a big part of their role and job in working with you. Let us walk through some of the specifications that agents inspect when listing or looking at a home.

How Location Affects Your Home’s Value

Determining the correct price for your home is scientific in method. There is generally an agreed upon or “market value” for homes in a specific neighbourhood which were built at roughly the same time and with relatively similar amenities and distances to shopping centers or other destinations. When an agent inspects a property to determine the price, they already have a strong inclination as to the price before even stepping inside. This is because of the market value which has been set by the ongoing sale and purchase of homes in that area of town.

Kelowna Lots for Sale!

Be it an empty lot or a large scale home, Kelowna has a variety of properties that range from farmland life to city living. When evaluating these properties there are a few general details that will be front and center for every listing going out to the public. For starters, the simplest specifications of the home will play the largest part in determining the listing price: the number of bedrooms and bathrooms, as well as the square footage and number of floors are the most relevant to home buyers. Trailing those, the age of the house is of concern, as the older the home, the more renovation or repair costs will be incurred by the buyer, not much different from an aging car. Just like an aging car, if there has been many renovations or many repairs, that too can hurt the value. Keep in mind that while repairs may seem costly, they pale in comparison to the price fluctuations between locations and the age of the home itself.

For Sale in Kelowna: How to Get Your Best Price

Hiring a professional to stage and list your property can go a long way in building the value of your home, or maximizing the offers you receive for it. There are minor touchups that may not cost you much in terms of money and can really help your listing. The “curb appeal” or how the home looks when viewed from the street is always a conscious thought of the buyer – so to get the most for your property, consider sprucing up the front yard, ensure there is no visible damage from the road, and take proper care to maintain your home when it is on the market.

To get an estimate on your property valuation, fill out this form on Kelowna Life’s website! You can always get in touch by phone at 250.575.4300.