What is a home market evaluation?
If you are going to be selling your home in the near future, chances are you have recently had a home market evaluation completed.
As a result, you likely feel confident that when you list your home for sale, it will be well positioned to sell.
If not, you might be wondering what this entails, and how a real estate agent goes about pricing your home.
Home market evaluations take into account many factors.
Factors that are considered are;
- Specific home information
- Recently sold comparable homes in a similar area to your home
- Currently listed comparable homes (competition)
- Expired, cancelled, and pending listings
- Supply and Demand
- Current market conditions
When considering home specifics, such as finishings and renovations, it is important to give consideration to what will appeal to buyers.
Home market evaluations are very time sensitive.
For instance, if a new home is listed just days after your home is listed, for a lower price and with significant upgrades, it will as a result likely impact your market position.
Similarly, if you are listing your home soon and last had an opinion of value several months ago, it is time for a refreshed look.
Home market evaluations are not appraisals.
You can read more about that here.
If you would like to talk more about home market evaluations, or have questions about what is involved, I am happy to help, and can be reached at any time!