Do You REALLY Know What Your Home Is Worth?

You know the expression "comparing apples to oranges", right? Well, since Real Estate it's not a fruit salad my analogies to go with this picture all seemed a little silly...just like comparing houses that don't share the same characteristics & saying they have the same value!

A colleague & I had a booth at the Spring Home Show in Oshawa this weekend...I worked the booth on Saturday with Mortgage Broker Extraordinaire Sandy Cockburn & it was a very cool experience! It was a crazy long day (10 hours!!!) but what could be more fun than to spend an entire day talking about something you're passionate about! We looked up home values, gave suggestions on smart renos to focus on, gave advice on financing & improving credit scores and answered a ton of other real estate related questions as well!

One reoccurring theme that I heard from people as they passed by was "I already know what my home is worth, I stay on top of what's happening in my neighbourhood".... Now sometimes they said that because they just didn't want to stop to talk to us but, when I had the chance to dig a little deeper, I found that many were not comparing like with like! Like comparing apples to oranges...yes they're both fruit, but they're also completely different fruit...with different flavours, sizes & characteristics...just like houses! See what I did there? So lame, lol... ;)

If you're comparing a home that hasn't been upgraded to one that has been, then you're not getting an accurate has a finished basement & the other doesn't? High end finishes vs builder grade? Differences in square footage or lot size & the list goes need to make adjustments for all of those things! You also need to be able to identify the value of those differences in the current marketplace in order to make the adjustments! Different styles of homes have different values as well, bungalows are a good example of this! However, a raised bungalow vs a traditional bungalow also has a different value, lol....I'm thinking a separate post on interpreting data might be in order! Stay tuned for that...

So is your home actually worth what you think it is? And how do you find out? Ask a professional! You have a couple of options, one being an Appraisal & the other a Market Evaluation. In most cases, calling a REALTOR®, one who is familiar with your neighbourhood, will be enough to meet your needs...or at least be a good first step before you spend several hundred dollars on a full Appraisal. Be honest about the reasons why you want to know, so that we can give you relevant advice. Neither option should hold you to any obligation beyond the evaluation itself!

If you're just looking for a ballpark figure & don't want to do a formal evaluation, then stop by my booth on Saturday March 28th at the Ajax Spring Home Show & let's talk! Sandy & I will be joining forces once again to answer all your Real Estate & Financing questions!

And last but not least, I held a draw at the show for a $100 gift card to Lowes Home Improvement Store... and the winner is....drum roll...Kelly Bennett from Oshawa! Congrats Kelly! :)

Have a fabulous day!

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