How to Determine What Your Toronto Home Is Worth on the Market

There are many steps that go into selling your home, and one of the most important things you should know is how to set the right price for it. The right price will help it sell faster and for the market value of the home. You might be wondering how to determine what your Toronto home worth is so when you discuss pricing options with your real estate agent, you will know you are getting a good deal.

There are several ways you can go about finding out what your Toronto home is worth, and here are just a few to help you out.

Property Location And Size Matter

One of the first things that will determine your home's worth is the size of the property and its location within the city. Is your home located just outside Toronto in the GTA, or is it closer to the downtown core? This could affect what your home is worth. Houses in the city itself are often priced a little higher than those just outside the city, although the difference between the two doesn't vary significantly.

It will also depend on what neighborhood your home is located in. While house prices aren't that much different throughout the city, they can fluctuate somewhat depending on where they are located. It is also important to note the size of the overall property. If it is a larger lot, there is typically more room for expansion, which means the overall house worth will be higher.

The Type Of Property It Is

Another factor in finding what the worth of your home is would be to determine what type of property you have. Do you live in a detached, four-bedroom house? Do you live in a townhouse or condo? This can help determine what your home's value is worth on the market. Parents with several children are often more interested in detached, larger-style homes, so if you own a larger home, it could be more in demand by young families. Single professionals might like a condo close to where they work. Families that are downsizing might enjoy a townhouse with a park nearby.

Each type of home has its perfect buyer, but some types will attract more buyers than others. This demand can increase the value of your home.

The Houses That Sold In Your Neighborhood

Another way to determine the worth of your home is to find out what comparable houses are being sold in your neighborhood. Real estate sales prices are mostly determined by demand, and if a home similar to yours sold for a high value, then chances are that your home will sell for around the same market price.

It's often better to sell when there is a low inventory on the market as it can help drive your home's market value a little higher due to the slightly higher demand of buyers for your home's location.