Do you know how to determine the real value of your Montreal home? Whether you’re selling your home or not, keeping track of its value is always a good idea. We can help you with that! Find out how in our latest article!
Many sellers think they know how much their home is worth, but in reality, their estimates don’t always hold up. You can’t tell how much your house is worth by looking at what your neighbor sold for. Before deciding whether to sell your home directly or through an agent, you’ll need to determine the value of your property yourself. Fortunately, there are a few things you can do to get a fair idea of the value of your Montreal home.
Benchmark the market
A comparative market analysis (CMA) is a report that can be produced by a real estate agent. However, this is not something you can do yourself. An ACM compiles information about recently sold properties in your area and will help you estimate the price at which your home will sell. This information can be found on property listing sites such as Centris. We advise you to compare a minimum of 3 properties with yours, and to add and subtract for aspects that differ, such as the number of rooms, the size of the land and the surface area of the home. Average the sale prices to establish a benchmark for the selling price of your Montreal home. Many agents can provide you with an ACM free of charge. However, make sure there’s no catch, like an obligation to announce with them.
Use online calculators
We have some excellent tools at our disposal that can help us determine the true value of a home. These calculators are based on the information you give them. That’s why it’s important to check the validity of your information first. Websites you could use include Remax. Be sure to use more than one calculator to compare and average results. After all, no site is immune to errors. What’s more, results may vary from one source to another. These calculators can give you an idea of the value of your home, but don’t forget that in reality only supply and demand really count.
Hire an appraiser
If you’re still wondering what your property is worth, hiring a professional appraiser could give you the information you need. An appraisal can be done for as little as a few hundred dollars, and will give you valuable information about the value of your home. Before selecting an appraiser, take the time to do a little research. First, find out if he’s experienced and what his specialties are. Many sellers choose to have their homes inspected and appraised before advertising them for sale on the Montreal market. They do it because it helps them know how much their home is worth and what challenges they’ll face once the right buyer is found. A professional appraisal can also help if you wish to contest the amount of taxes to be paid for the land. Many people feel they pay too much in property taxes in Montreal. Having your home appraised by a licensed professional in the Montreal area will allow you to contest the appraisal made by the city assessor if necessary.
Watch the market
The market value of a property fluctuates. By studying home values over months and years, we can usually detect certain trends. Your property may be worth more in summer than in winter, or vice versa. This doesn’t apply to all properties, but often the value of a house varies according to the season, demand and what’s available. As an owner, you should always keep an eye on the market. This way, you’ll be able to sell when you can sell at the best price, and make maximum profit.
What to observe…
Take care. Agents who exaggerate the value of a house in order to sign a contract have been known to do so. If you know how much your home is worth before you start the process of selling, you’ll be in a much better position to negotiate and, ultimately, you’ll be able to receive a higher amount of money in exchange for your Montreal home.
Don’t forget to take into account the land on which your property stands. Some places are worth more than others. And double and triple lots are worth even more. Check the zoning of your plot of land and make sure it’s in a buildable zone. Failure to do so could reduce the value of your property.
If you decide to ask an agent to do an ACM for you, make sure that all the information you give is correct. You should also check everything yourself to ensure that the valuation is fair.
