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The Magic Number

You are thinking about selling your property, but you don't know exactly what will factor into the end amount you can expect to net from the sale. You know that you have owned your house for a few years and that you can expect it to be worth more now than when you purchased, but how much more, exactly? In this article on Mississauga home hunter, we are going to take a look at just what goes into deciding what a house for sale should be listed at.

You have probably heard it said a hundred times before, but the basic three rules of real estate have never really changed. Those three rules? Location, location, location!

It's no secret that real estate markets are suffering in most places, but the fact is this is not the case in all places. There are some cities which continue to see good turnover rates in the housing market, and nothing illustrates the importance of location more clearly than this. Oshawa Real Estate continues to sell better than that in Oshawa, Peterborough, and other southern Ontario cities due to the appeal of the city.

Location does not just mean city, though; it also means neighbourhoods within that city. House prices will always be different for Erin Mills and Mississauga condos, for example, simply because of the amenities those neighbourhoods provide. Houses may be quite similar, but the fact that Erin Mills is a planned community and therefore more convenient will mean that they may fetch slightly higher prices.

And for our third location qualification, we have to take a look at specifics. It's not just about cities or even neighbourhoods anymore; now it's about the specific appeal of your street and location. Houses closer to schools tend to sell for a bit more than those farther away; cul de sacs are preferred over main streets, a Mississauga condo with a view of the park will fetch more than one with a view of downtown.

So, all three locational considerations have the most weight when your home price is being considered. Real estate agents will consider how houses are selling and what they are selling for in your area before all other things. This gives everyone a baseline to work with when it comes to everything else that will factor into the asking price for your Mississauga condominium or other type of home.

Just what do we mean by everything else? Well, now we get into your home specific details. Once your location is measured and the base price set, your agent will take a look at things like square footage, number of bedrooms and bathrooms, parking available for your condo, and so on. Obviously the greater the numbers in these categories, the higher the price you can expect to ask from your home.

An agent will look at all these factors, as well as other houses on the market in your area and the possible resale value of your home, when determining an asking price. Then, you can expect to add about 10% on top of that just to leave room for negotiating!

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Mississauga Real Estate

Wednesday, May 22, 2024