Understanding Real Estate

3 Things You Can Do To Determine The Value Of Your Home

by Lauren Peck

If you are considering selling your home, it is important to know the worth of your home. Knowing the worth of your home will allow you to see how much money you can make on your home's sale once you pay off your mortgage. This will enable you to determine how you want to spend the money you make on your home's sale and how you want to handle your housing needs going forward.

Thing #1: Use Online Valuation Tools

One of the easiest ways to start to get an idea of your home's value is by using an online valuation tool. Most online tools are free and easy to use. These calculators use information from public records, as well as extra details that you input into the calculator, to give you a rough estimate of the value of your home.

These tools can give you a quick idea of what your home is valued at, and most online tools are updated regularly to reflect changing market conditions. These tools are not perfect, as they generally don't allow you to account for things such as upgrades, repairs, and renovations that can impact the value of your home. However, they can provide you with a rough idea of how your home is valued in the market.

Thing #2: Hire a Professional Appraiser

Another option is to hire a professional appraiser to appraise the value of your home. As a seller, you don't have to work with an appraiser; however, working with an appraiser can provide you with an impartial and well-researched idea of what your home is valued at.

An appraiser will visit your property in person so that they can accurately see the condition of the property, from all the upgrades you have done to things that are old on the property. They will look at recent sales and pending sales comps to understand the local market.

An appraisal can help you determine what to list your home for, especially if you list your home shortly after the appraisal. An appraisal can also give you ideas of what to upgrade in your home to increase the value.

Thing #3: Work With a Real Estate Agent

Finally, you can work with a real estate agent to determine the value of your home.

Many realtors use a process called Comparative Market Analysis (CMA) to determine the value of your home. With a CMA, they will focus on looking at comparable homes in your area to decide what to price your home at.

Your real estate agent will look at how long it took similar homes to sell and what price they were listed and sold at. They will use this analysis to provide you with what value they think you should list your home.

If you are thinking about selling your home, you need to determine the value of your home. This can be done using online evaluation tools, getting a formal home appraisal, and working with a real estate agent.

To get a better idea of your Toronto home's worth, talk to a real estate agent.