Establishing the right price is the single most important factor when it comes to selling a house in Ottawa or a condo in Ottawa. Home buyers almost always begin their search for houses and condos for sale on the internet using a few criteria only. One such criteria is location, the other one is the price of the property they want to buy. The third common criteria is normally the type of property they want such as apartment or single house. Therefore, during the initial stages of a home search location price and type of property are the most crucial factors. When pricing your property for sale you will compete with other similar properties on the market. As an example, if you are selling a Barrhaven condo your price should be based on similar condos in that area of the city. When you are thinking to sell your present property the most crucial question on your mind is how much your Ottawa house is worth on the real estate market.
How do you determine what is the fair market value for your home?
Experienced Ottawa Realtors follow a number of fairly standard steps to establish the price or price range of a property that will cause it to sell. Since Ottawa real estate agents have full access to all homes sold on the Ottawa MLS listings platform, they can easily analyze past sale figures. What the realtor is looking for are homes that sold relatively recently, preferably during the twelve months, that are similar to the house or condo the seller want to sell. For example, if you have a 3 bedroom bungalow with a single garage and a 50ft by 100ft lot the best comparable properties will be similar 3 bedroom bungalows with single garages on identical size lots in the same area. This method works great in the suburbs where many houses are similar in their age, condition, size and layout. Things can be much more complex when you live in an older neighbourhood with mixed type houses with various ages, designs and condition. In this case it is very important to rely on an Ottawa Realtor who knows the specific neighbourhood well. In Ottawa neighbourhoods such as the Glebe, Old Ottawa South and East and Westboro are prime examples of areas where houses are very different. Some are century old but very well-maintained properties. Others are newly built modern in-fills with the latest upgrades but often located on much smaller lots. Many houses may not have garages at all. To get a realistic price that will cause your home to sell in a reasonable amount of time it is good practice to interview more than one real estate agent familiar with these areas.
Once a real estate agent compiled the comparable list of homes that sold in your neighbourhood during the last year or so the next step is to evaluate your house or condo apartment. Each of the sold properties’ main amenities should be listed and compared to your property’s features. The specific location of your property is an important factor, but not the only one. Is your Ottawa house for sale backing to a nice park or a busy road? Is the condition of your apartment comparable to the ones that sold for the highest amount? Are there any issues with your property that must be addressed such as an old roof, furnace or recent water leak in the basement? Does your home have modern upgrades or is it mainly in original condition? All of these factors must be taken into consideration and compared to the other homes already sold on the Ottawa MLS system.
Another crucial factor is timing and market condition. The real estate agent should fully understand the type of market your city or even your specific neighbourhood is in at the time of setting a market value. What is the real estate market like in the city? Is it a strong seller’s market where most Ottawa houses or Barrhaven condos for sale receive multiple offers and drive prices above the asking price? Or is the market a balanced one or maybe a buyer’s market where only the most outstanding properties sell fast and for full asking price.
Establishing a realistic market value therefore, can be a fairly complex analysis especially when evaluating unique Ottawa houses. You can call more than one Ottawa Realtor to look at your property and evaluate the market value of your home and explain how they arrived to the price range they are suggesting to the owner.