How to Get the Most Out Of A Home Evaluation in Edmonton
If the past few years have taught us anything in real estate, it’s that you never know what to expect. From a global pandemic (has it really been three years?) to record-setting sale prices in Edmonton to recent inflation concerns, the real estate market is constantly in flux.
Edmonton is even more unique compared to the rest of the country. With Alberta’s GDP expected to grow 2.8% in 2023 due to a strong energy sector, experts predict that Edmonton’s real estate market will fare better than other major Canadian cities.
When the market changes so frequently, you want to be extra cautious that you’re doing things right. If you haven’t bought or sold a home recently, you may be surprised at the amount you can list your house for.
A home evaluation for your Edmonton property can ensure you’re listing your home for the best price possible. Here’s how it works and how to use a home evaluation to your advantage.
What is a Home Evaluation?
Home evaluations are sometimes referred to as a comparative market analysis (CMA). A home evaluation is a report prepared by your real estate agent which contains data to compare your house to others for sale in the area.
To create the evaluation, the REALTOR® will use information collected from you and a database to see how much your house is worth at this very moment. You can then use this information to determine if now is a good time to sell and how much to list it for.
Home evaluations are not to be confused with a home appraisal. You would use a home appraisal to secure financing, and a licensed appraiser must perform it. Make sure you know which one you want and need!
Gathering Information
The first step of conducting a home evaluation in Edmonton property is to gather information about it. Your REALTOR® will ask questions about the property, such as age, square footage, location and nearby amenities, any renovations, whether the basement is finished, planned upgrades, etc.
If you plan to make any changes before you sell, now is the time to let your REALTOR® know. You want to give your REALTOR® as much information as possible, even if you’re unsure whether it’s relevant. The more information, the more accurate the home evaluation will be.
After talking to you, your REALTOR® will then do market research. Your REALTOR® can access the most recent housing stats, and they’ll use those statistics to assess active, pending, sold, and cancelled listings to get their information.
Using the Information to Make Changes
Once you receive your home evaluation, you can use it to your advantage. You might be pleasantly surprised at the number or disappointed. If it’s the latter, ask your REALTOR® why the number is lower than you expected.
They may have simple changes you can make before listing to increase the overall value of your home. Or, it might reflect the current market, and you might want to wait before listing your home.
If you had an idea of what your home might be worth before the evaluation, look at the results with an open mind. Don’t be scared to adjust and make changes. See the home evaluation as a tool, not just a number!
Pricing Your Home
The most useful way to use a home evaluation is to price your home accurately. Your REALTOR® will suggest how to use it strategically, but it all depends on your specific needs and goals.
For instance, if you want to sell your home fast, you can list your home at a competitive price in the area at market value. This can generate interest right away and may even create a bidding war.
Alternatively, list the home slightly higher to give you room for negotiation. This works well in a seller’s market (which we rarely have here in the Edmonton area).
Contact Jeneen Today!
With a fluctuating market, scheduling a home evaluation with an Edmonton REALTOR® can help you get a better idea of pricing when listing your home. As one of Edmonton’s top real estate agents, I want to help you get the best price for your home and find your new dream property.
Contact Jeneen by phone at (780) 904-4240 or via email at jeneens@remax.net.