Despite uncertainty sparked by the COVID 19 pandemic, Hamilton’s real estate market has been extremely active, but the great news is, the real estate prices in Hamilton Ontario are still affordable, compared to what we have seen in Toronto and many other GTA cities.
Given an active Hamilton market, let’s discuss four different factors to consider when negotiating the selling price of your home.
Check the Neighbourhood Comparables (active listings – real estate prices)
Take a look at homes in and around your neighbourhood to determine what the average real estate prices. Keep in mind that looking at a home with similar square footage, a similar number of bedrooms and bathrooms, similar age, and similar features will make it easier to see exactly what buyers considering your home for purchase are comparing your price to.
Look at Past Sales
While looking at active listings will help you get a feel for your immediate competition, it’s important to consider what activity has gone on and real estate prices in the last six months. This will give you a greater idea of what people have been willing to pay and not just what homes have been listed for.
Take Emotions out of the Equation
You’ve put money and time into your home. You’ve also shared countless memories there over the years, like that time you forgot the pot on the stove and nearly burned down the whole kitchen. It’s no surprise that you want top dollar for your home. And you should get top dollar, but not top dollar based on you or your neighbour’s opinion but rather based on the facts.
Sellers can often get caught up in what they want the home to sell for rather than what the home is actually worth. The emotional attachment might mean overpricing your home and making it difficult to sell, causing you to require real estate prices reduction down the road.
Find an experienced Agent
An experienced real estate agent can ensure that no matter what is happening in the market, or in your life in general, you get the appropriate price for your home with the least amount of stress. An agent who is familiar with your area will be able to go beyond the comparables and tell you exactly what has been happening in the market. This type of expertise means the difference between a sale you’re happy with and a sale you’ve settled for.
Think like the buyer
This is important!
Walk around your house and think like a buyer. Making small changes that don’t take much time or effort can make the difference between buyers walking in and out; or starting a bidding war for your property. As you show your home, take into consideration that people want a home that exhibits pride of ownership and care.
There you have it four things to think about when pricing your home to sell!
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Investing in Hamilton: What you need to know.
Hamilton has been a hot spot for real estate in recent years because of its affordable prices when compared to other GTA real estate prices, its many amenities, and its proximity to Toronto. As a result, many buyers are new to the area and don’t know much about what neighbourhoods are good choices and what neighbourhoods make the most sense to invest in.