Whether you plan to put your home on the market or not, it’s normal to be curious about it’s worth. For most people, their house is their primary asset, a source of emotional and economic security in a world that sometimes appears to be insane. 

Homes in the Annex are intrinsically valuable simply based on their location in one of Toronto’s most desirable neighbourhoods. With a trendy dining and entertainment scene, thriving nightlife, and unbeatable convenience all balanced out by breathtaking parks and greenery, who wouldn’t want to live here? Location is key in real estate; however, other factors do come into play. In this post, we’ll talk about how much your Annex home may be worth and why it matters.

Accurate Pricing Is Essential

If you’re selling, pricing is a vital component that can determine whether your home sells quickly or languishes on the market. You could miss out if you over or undervalue your home, no matter how desirable or stunning it looks. Effective pricing always matters, but even more so in a competitive or unpredictable market. 

When inventory is low, it can be tempting to overprice your home so potential buyers can feel like they are negotiating. In reality, they will generally just wait for the next listing, however long it takes. 

If your price is too low, buyers may worry that there is something wrong with the house. Too high or too low ultimately has the same effect. Your home either doesn’t sell or ends up sitting on the market way too long, and you eventually have to lower your price anyway. 

On the other hand, a competitive listing price could attract multiple potential buyers, thus resulting in a higher return once your sale closes. Earning over your asking price is never guaranteed, not even in the busiest seller’s markets. However, a strategic price is one of the deciding factors that can make it happen.

What else can you do to give yourself an advantage when selling in a changing market? The posts below can help:

Separating Fact From Fiction

Now that you know how important it is to get your price right, how do you figure out what your house is worth? The first step is to separate your emotions from facts to determine what will generate the most interest and the highest possible return. 

All too often, homeowners judge the value using the wrong metrics. The longer you’ve lived in the home, the more emotionally attached you tend to become. This makes it difficult to be subjective. 

Friends and relatives may also have well-intentioned advice for you, particularly if they have recently sold their home. However, what they sold for is no indication of how much your house may earn. Even accurate data can be misleading if it is outdated, which means you can’t even base your price on how much you originally paid for your property. 

Toronto’s real estate market can change in a heartbeat. If your neighbour sold their house three months ago for $2 million, that doesn’t necessarily mean you will too. Prices fluctuate, and your home may sell for less or it may earn more. If you want an accurate picture based on real facts and figures and data that is up to the minute, a CMA (comparative market analysis) is an invaluable tool.

What Is a Comparative Market Analysis?

A local real estate agent performs a CMA based on the size, square footage, location, number of bedrooms and bathrooms, and overall condition of your home. Even more importantly, they look at recent statistics in real-time, such as what similar houses have sold for in your area. 

Once they compile the data, they will give you a range of what you can reasonably expect your home to sell for in the current market. However, timing is of the essence! 

If you wait several months or even a few weeks to list your home, everything could change significantly. Still, since many real estate agents offer free home evaluations, it doesn’t hurt to find out what your property is worth today. You can always revisit your price just before putting your house on the market.

Thinking of Midtown for your next move? The following posts might help you decide:

What Can You Do to Increase the Value of Your Home?

When selling your home, there will always be some factors that you can’t control. For example, none of us have any say in what the interest rates will be or whether there is a worldwide or nationwide recession on the horizon. 

There are also some aspects of your house that no amount of money can change. Unless your neighbourhood undergoes massive rezoning and redevelopment, your location and lot size might as well be written in stone!

However, there will also always be some things you can control, certain upgrades and minor embellishments that add perceived value to a potential buyer. Usually, it doesn’t even mean investing your time or money into extensive renovations. Often, it’s the simple touches that have the most impact. Here is a sample checklist of minor updates that are proven to help sell your home faster and for the highest amount possible.

  • Prepare by cleaning up the yard. Mow the lawn, trim the hedges, power wash the front doors, and clear the walkway; all of this will help to create an impactful first impression. 
  • Clean and declutter every inch of your home, paying attention to areas that often get missed, like the inside of closets and storage spaces. 
  • Perform minor repairs like nail holes in the walls. A fresh coat of paint covers many offences!

A home in the Annex typically comes with a long list of eager buyers. However, by following the advice above, you can ensure you get the full value from your sale while leaving nothing on the table.

Are you ready to list your Toronto home? We are here to guide you through every step to create a seamless transition. Reach out today at (416) 485-7575or email david@batorigroup.com or bobby@batorigroup.com to start the conversation.