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How to calculate the market value of a property

When looking to sell your property, one factor is always in the balance: the market value of your property. The truth is that it is often complicated to assess the value of your property on your own.

Many factors influence the value of a property and most sellers are afraid to sell below market price. Consulting a real estate professional can quickly become a necessity.

The experts at Courtier Immobilier Lanaudière will help you evaluate the market value of a property.

What factors influence the value of a property?

If you want to calculate the market value of a property, you have to know what factors influence its value. The value can vary depending on your location, the condition of the property, the year it was built or the amenities nearby.

Here is a list of factors that can affect the value of your property:

  • Type of property: house, cottage, apartment, duplex, etc.
  • Location
  • Living area of the property
  • Surface area of the land
  • Date of construction and renovations
  • Materials used for construction
  • Interior layout and functionality
  • Property amenities: pool, garage, shed, etc.
  • Services near the property
  • The city or town’s amenities: services, security, schools, etc.

Other factors such as economic or market conditions can influence the value of a property. A well-informed real estate agent will be able to give you guidance on the different factors to consider.

Compare the value of your property with the competition

Once you have assessed your property based on what it offers to buyers, you will want to compare with what the competition is offering. This is a very important consideration. Deciding on the price of your property without checking out the competition is a big mistake. You run the risk of missing the mark completely.

When looking at the competition, try to compare your property with other properties for sale on the market that have similar or identical features. Then, depending on some specific factors, you can easily figure out why a property is listed for sale above or below the market price. This could be because it has been recently renovated, for example.

This competitive study will make it much easier for you to calculate the value of your property.

Consider the state of the housing market

The final factor to consider when assessing the market value of a property is the state of the real estate market. Like any market, real estate has a supply and demand that varies. Certain crises can also affect property values. Selling during the COVID-19 pandemic, for example, proved to be a difficult ordeal for many homeowners.

Find out what the real estate market is like both nationally and locally. Some municipalities or regions may be experiencing a downturn or upturn in activity during the same period.

The easiest way to do this is to contact a real estate agent. They will have all the information about the market at their fingertips. However, you can also do your own research online or in the press.

If you take all these factors into account, there is no doubt that you will be able to sell your property at the best price!

Use a real estate agent to assess the value of your property

Assessing the market value of your property is no easy task. Most sellers use real estate agents to estimate the value of their property. This common practice ensures that the estimate is accurate and consistent with the market and your property.

Although it involves a small investment, this is generally compensated by a quick sale at the best price. For these types of high value assets, it can be a profitable investment. Selling without a real estate agent is generally not recommended.

A real estate broker can be a great help. These professionals are in close contact with buyers and sellers in your area on a daily basis and are therefore perfectly familiar with all the specifics of your region.

Let the experts at Courtier Immobilier Lanaudière help you sell your home

Selling your property is an important step in your life. Knowing how to evaluate the market value of a property is essential. Not only to sell quickly, but also to sell at the best price.

Hiring a real estate agent can be a decisive factor in your home sale. The real estate agents at Courtier Immobilier Lanaudière are experts in property evaluation in the Lanaudière region.

Contact us now and our brokers will be happy to discuss and meet with you. We will work together to assess the most suitable value for your property and help you obtain the best possible outcome for your property sale.

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