How do REALTORS® assess a home’s value?

How do REALTORS® assess a home’s value?

1) Location, location, location: neighbourhoods and streets vary in value, so understanding these pros and cons is vital to accurately assessing value.

2) Size of the home: homes with more livable square footage are generally worth more.

3) Age and condition of the home: a well-kept and maintained home is typically more desirable for buyers.

4) Recent updates or upgrades to the home: do buyers have to worry about an old roof, windows and heating, ventilation and air conditioning? If not, and in general, the fewer major items that require replacement or repair, the greater value held in the buyers’ mind.

5) Supply and demand for homes and neighbourhood: what are the recent comparable sales in the neighbourhood, specific street, etc.? Are there trends that suggest the area is in more demand? If so, this can be a factor that assists in a higher assessed value.

6) Waterfront or close to a lake or river access: properties on waterfront or close to a waterfront can have a big impact on value. ie: Beaches, boat launch, deeded access

7) Other important attributes to consider: school bus route, school area, recreational opportunities, area safety, proximity to transportation, amenities and other specifics play a role in determining a value.