Why Do You Need a Home Evaluation? Featured Image

One of the most common questions real estate agents receive from homeowners relates to their home's actual value. Some may have heard from neighbours about houses in the neighbourhood that sold for a certain amount, and they want to know what their home will be worth. There may be a general sense of anxiety about going through the motions of listing a home for sale and having their home sit on the market for long weeks or even months, and some may want to know how quickly their home may sell. One of the most important first steps any homeowner should take when thinking about selling their home is to obtain a home evaluation because it addresses these and other concerns you may have. 

What Is a Home Evaluation?

Your home's value in the marketplace relates to how much another buyer is willing to pay for it, and there are numerous indicators that a real estate agent can use to help you better determine a reasonable price that your home may sell for. Reviewing comparable sales data from neighbouring homes that have sold recently can give you a fair idea of the home's value. However, other factors such as how quickly you would like to sell the home and if it has any overwhelmingly positive attributes that may make it more desirable to buyers than other properties on the market may affect its value. A home evaluation takes into account these factors, and it gives you a fair idea about a reasonable price you may receive for the home.

Why the Information in a Home Evaluation Is Important 

Understanding what the realistic value of your home is is important for many reasons. For example, some sellers may owe money on a mortgage, and they may need to sell the property for a certain price in order to pay off their mortgage. Others may have other financial goals in mind that they want to meet by selling the home. In addition to the value, a home evaluation also can provide you with a realist idea about how long the home may remain on the market. It may provide you with a quick-sell price as well as the maximum price the market may yield. Generally, homes priced under market value will sell very quickly while those that are priced at the higher end of the threshold may remain on the market for a longer period of time.

Working With Your Real Estate Agent to Set the Asking Price

The home evaluation is a starting point that many homeowners use to determine if they truly want to sell their home or if they actually can sell their home. Some may realize that their home does not have the equity in it that they thought, and others may determine that their home has more equity in it. With this information, you can make an informed decision about how to proceed. Then, you can work with your real estate agent to set an asking price. The asking price may be based on how quickly you wish to sell the property and how flexible you are to negotiations and reduced offers. Your real estate agent may also provide you with helpful advice regarding staging the home and preparing it to sell for the maximum price. 

A home evaluation is not necessarily required in the selling process, but it is generally used as a tool by both sellers and real estate agents. Some agents provide this as a complimentary, no-obligation service to interested homeowners. 

If you are thinking about selling your home, please consider reaching out to the Terry Paranych Real Estate Group and request a free home evaluation for your property. 

Photo credits: shutterstock.com

Posted by Terry Paranych on


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