Real Estate is Easy: How much is my house worth?

"How much is my house worth?” This is the number one question sellers ask Realtors.

“How much is my house worth?” This is the number one question sellers ask Realtors. It’s one of the most important questions that needs to be answered as well. Any complete marketing plan will include price as one of the most important factors. We all know there are houses out there that are asking a bit more and that’s OK. Perhaps a seller isn’t in a hurry and the client and their agent have agreed to “test the market.” When you own something, it’s your right to ask for it what you like, just as it’s a buyer’s right to pay what they will.

While setting a price, we have to keep in mind that buyers have access to information these days like they’ve never had before. There is an overwhelming amount of information available from tax records to sale prices and listing histories and so on. They’ll be comparing your home to every other house out there so you better make sure you’ve got a good price and the data to back it up if you want to sell.

Pricing a home without the proper information can be a downward spiral. Listings that sit on the market for long periods of time create long-standing inventory and this type of listing can have some negative effects on buyer confidence and eventually lead to fewer sales, which puts pressure on pricing for everyone as sellers drop their prices to compete for buyers.

Let’s say you want to sell your house, so you start thinking about what it might be worth. You notice the house down the street is listed. You’ve been in it a few times and you think you have a pretty good idea of how much your home is worth compared to it. A couple quick calculations for your rose-patterned wallpaper and bonus carpet in the bathroom and voila — there’s your price! You’re confident because the features you’ve got are things a buyer is going to love. Are you priced fairly? The answer is maybe.

I’ve worked with sellers and we often agree on price, but the steps I take to get there are different. Just understanding your home’s features compared to others isn’t enough. You’ve got to understand what buyers are looking for as well, things like what features make them put pen to paper, and does your home have these compared to the other listings? Are there things you can do to the house to increase its value in the eyes of a buyer? Understanding value in the eyes of the buyers is key.

I know, I know.  Real Estate is easy and sometimes it seems like everyone’s an expert, but the best thing that can happen when you’re figuring out the market value of your home is to get someone to help you who has no emotional attachment to the property, who knows what buyers in your area are looking for, and who has a good understanding of what features are worth in the current market.

*This column is for entertainment only and not intended to be construed as advice in any way. Information should be independently verified and all sellers and buyers are encouraged to contact their Realtor for help with buying and selling. This is not intended to solicit business. No kittens were harmed in the writing of this column.

Geoff Hill is a licensed Realtor with MaxWell Realty Invermere holding a trading services licence since May 2008. Originating from West Vancouver, he came to the valley for the snow and stayed for the people and lifestyle. Geoff enjoys volunteering with the local fire department and roller derby team as well as playing roller derby and many other sports himself.

Just Posted

The end of an Echo

Invermere Valley Echo shuts down operations in Columbia Valley

Creating a new narrative for Canal Flats

Economic development consultant hired, lists vision for next 90 days

UPDATE: Crews battle as wildfires rage in B.C. Interior

Crews brace for another day on B.C. firelines as no let up is likely

VIDEO: B.C. wildfires by the numbers

Wildfires continue to engulf regions of B.C.’s forests and communities.

VIDEO: More than 180 wildfires burning across B.C.

Firefighters from other provinces called in to assist

DTSS Grad March 2017

DTSS Grad March 2017

59 cats seized in Chase

59 neglected and injured cats were seized from a property in Chase

Soundgarden singer Chris Cornell dead at age 52

The singer/songwriter passed away early Thursday morning in Detroit

Paying tribute to a primeval passage

Uninterrupted celebrates the Adams River sockeye run in an extraordinary way.

UPDATE: Pemberton Music Festival cancelled, no automatic refunds

In the past, the music festival located in Pemberton drew large crowds last year of 180,000 fans

Medical wait times cost B.C. patients $2,300 each

New Fraser Institute report places B.C. at second worst in costs associated with long wait times

UPDATE: 22 killed at Ariana Grande concert

Witnesses reported hearing two loud bangs coming from near the arena’s bars at about 10:35 p.m.

One in three Canadian high school students have rode with drinking drivers, study reveals

Nearly one in five rode with a driver who’d been smoking pot

Top court to hear federal government’s appeal on residential school records

A lower court judge ruled to destroy the stories after 15 years unless consent is given to preserve

Most Read