The Importance of Understanding the Real Value of Your Property

It’s no secret the housing market has been surging over the last two years with real estate transactions reaching 6.2% since 2018. Not surprisingly, many Canadians are now asking: “How much is my house worth in Canada?” 

Today, we’re going to explore why the answer to that question is vital for any homeowner looking to move into a new place. We’ll also discuss the different variables that go into determining home values in Canada.

Why You Should Know the Value of Your Property

Your property is likely your most valuable financial asset. Knowing the value of your home will help you understand your complete financial picture, which is vital when considering moving into a new property. Let’s go over a few more reasons why you should be able to say that you know the market value of your home:

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  Know what to upgrade: If you are aware of your home’s current value, you can analyze what features, or lack thereof, are impacting your home’s value. Oftentimes, investing in renovations before listing your home can greatly improve your home’s value. You should know which features impact the value of my home.
• Gain confidence in your decisions: Knowing the true market value of your property helps you gain confidence in your upcoming move. You’ll have a more complete understanding of your finances and firmly know that it’s time to move into a new home. You’ll also be able to determine whether or not you’re gaining or losing money prior to listing the property.
• Make concrete moving plans: Once you know the true value of your property, you’ll have a clearer idea of when to move and what fits within your budget. This is because your home’s value directly influences your purchasing power. At the same time, if your home isn’t worth what you expected, you might hold off on moving.

Each of the above reasons helps homeowners understand why they should know what their home is worth. Without this vital information, you won’t truly understand if it’s time to upgrade to a new home or wait it out in your current home.

What Determines Your Home’s Value?

We advise seeking professional market valuation to truly determine the value of your home. This can be done through an experienced realtor or home appraiser. A home appraiser will look at many factors to assess your property’s value, including:

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  Comparison approach: The core of any home’s value is the sale price of similar homes. Many real estate agents use the comparable home sales approach to determine what the market may be willing to pay for a property based on past trends. A comparable residential property should be sold somewhat recently, have similar features, and be close to your property. Special features, such as a swimming pool, should also be taken into consideration. Are you curious to find out how much a property in the Milton area sold for? Register for home sale prices in Milton, and we will send you a report.
• Market trends: There are some aspects of your home’s value that you can improve, such as renovating the kitchen. However, trends in the housing market will dramatically influence the price of any given home. At the time of this writing, the value of Milton homes has increased by 20.1% yearly.
• Timing: Is it really the right time to list a Milton house for sale? Or would it be better to wait a few years? Will listing now allow me to get the true market value of my home? The above two factors change over time, so selling now might be better than selling later, or vice versa.

Discover What Your Home’s Worth With Milton’s #1 Real Estate Agency

Knowing the value of your home is the first step to upgrading to a new house. Once you have the true value of your property in mind, you’ll be able to confidently move into a new Milton house. 

Are you looking to determine the true value of your property? The Amy Flowers team can help. Get in touch with our team today, and see how much your house is worth? Our experienced team of Milton real estate agents is here to help you explore your options, show you what comparable properties have sold for, and guide you through every step of the way.