What is the value of your home?
FIRST, you need to understand "Market Value". The single most important factor to determine before selling your home. Market value is determine by similar homes in features, size, age, upgrades and style during your present market. Knowing your real estate can be a huge insight and the difference between selling and being stuck on the market.
SECONDLY, there are 3 types of real estate markets; Balanced, Seller's and Buyer's Advantage.
A "Balanced Market" is when supply and demand are equal. In other words, the amount of listings on the market and the amount of Buyer's looking to purchase are equal.
"Seller's Advantage" is when there is not enough supply and much more demand. This is where homes sell quickly at a much higher price. Since there is a higher demand and a limited supply of listed homes, this market can be very favourable to the Seller.
"Buyer's Advantage" is a market where there is a greater supply of homes and far less demand. Currently in the Edmonton market, homes have been flooding the market and interest rates have dropped to encourage Buyers. This is a case where there is too much inventory of homes for sale and not enough Buyers. This creates inventory that is counted by the month. Anything more than 2 months of inventory is consider a Buyers market.
And THIRD, How can you get your home evaluated? Of course coming from me (a licensed REALTOR®), I would suggest getting a home evaluation from a licensed real estate professional. This will provide you with all the information on the market value of your home and also what list price to put on your home. By the way this is free. A second way, get your home appraised by an appraisal company. This will cost you a few hundred dollars. This is a great option if you have done extensive renovations or you're refinance your home.
Thank you for reading my blog, I would be happy to write a detailed home evaluation on your home. Click here and I'll get started today.
RE/MAX River City