06 Apr 2019

How Much is My Home Worth in Sarnia?

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How Much is My Home Worth in Sarnia?

How a Sarnia Realtor determines the price of your home

The question every homeowner in Sarnia has before they put a sign on the front of their lawn is always the same – how much is my home worth in Sarnia? Well, the simple answer is, it’s worth whatever someone will pay for it. That’s not typically the answer homeowners want to hear, but it’s the truth. A home will only sell for whatever the market says it will.

But coming up with that exact price can be a challenge and something only an experienced Sarnia Realtor will be able to tell you. Those prices, however, don’t just come out of thin air. In fact, the price of a house is dictated by the market around you, down to the street you live on. Things about your home do matter, such as:

  • Style of home
  • Number of bedrooms and bathrooms
  • Square footage
  • Garage
  • Decks and patios
  • Type of flooring
  • Upgrades to kitchens and bathrooms

Things around your home also matter, such as what neighbourhood your home is in, what is nearby, such as parks and amenities, and how does it compare to other properties with similar features. If you’re looking at selling your home in Sarnia, however, you are focused on that question: how much is my home worth in Sarnia? So, let’s look at how your Sarnia Realtor will come up with the price to list your home on MLS.

What’s For Sale in Sarnia Now

The first thing many Realtors in Sarnia will do is look at the current market and the houses that are up for sale. It’s one of the best indicators of what your house is worth and where the price will be. In the Sarnia real estate market, there is a variety of styles, so your Realtor will first look for the ones that compare to your own house. That includes the number of bedrooms and bathrooms, the square footage and of course, location.

The main key to look at when listing your home is that every other home is competition. Everyone wants to get the best price possible, but your home isn’t the only one active at the moment. A comparable market analysis is a great way to see where your home prices at, looking at homes for sale in Sarnia today and taking into account how long they have been on the market. You then can start to adjust your price accordingly. If a home that is comparable to yours has been sitting for some time at a price point, pricing the same might leave your home sitting as well.

Your Sarnia Realtor will be able to tell you information like:

  • How many homes are on the market
  • At what price
  • For how many days
  • What was their original list price

From there, you can start to make educated decisions on how much is your home worth in Sarnia.

Sold in the Past Six Months

Just as important as what is for sale is what has sold already. This tells you exactly where the market is at in Sarnia, especially when it comes to buyers. The final sale price of a home in your neighbourhood is the best indicator of the value of your home today. It tells you how much buyers are willing to spend for a comparable home in the current market. That is why you don’t want to go too far back to look at sold properties, as the further you go, the further away from today’s market you get. It’s even best to stick within the last three months, or if you can, the last month of sales, to get the most current conditions.

This also tells you what type of homes were on the market, at what price they sold and how many days they were on the market for. That way, you can price your home to get a sale done quickly. If a home sat for two months and sold at $30,000 less than its original asking price, then it’s best to start closer to the final sale price to ensure your home doesn’t sit either. Working with a Sarnia Realtor will help you find these historic property values, as currently, only Realtors have access to this kind of data.

Expired Properties in Sarnia

Sometimes, houses don’t sell. The real estate market can be like that sometimes. What you should be wondering though is why the house didn’t sell. Expired listings offer great info into the trends of the market. It’s through these listings your Sarnia Realtor can look at getting an understanding about why the house didn’t sell. Maybe it was priced to high, or it needed a lot of upgrading, was in a bad neighbourhood, or was too small. Whatever the case may be, expired listings are good comparable properties to give you a glimpse into what not to do.

If a home expired in Sarnia a month ago and is perfectly comparable to yours, then pricing it the same or higher would make it difficult to sell. You learn just as much from failure as you do success in the real estate business, so don’t let expired listings turn you away. Use it as valuable information into making your decision about what the price of your home is today.

Use a Sarnia Realtor To Figure Out Your Price

Anyone can go on MLS and see all the active listings and compare them online. The problem is, that is only the face value of the story. You are only seeing pictures, room sizes and their price. You’re missing out on so much information, such as the price drops that have happened, how many days a house has sat on the market, and perhaps most importantly, what did a house sell for in the past.

By working with a Sarnia Realtor, you will get a complete market analysis of your home and get all the information to make a proper decision. So, to answer the question of how much is your home worth in Sarnia? The answer is, you need a competitive market analysis completed to find the true value. The last thing you want to do is overprice yourself and the house sits unsold. But you also don’t want to underprice yourself when the Sarnia real estate market is telling you your home is worth more.

Price & Associates Reality
Sarnia Real Estate Brokerage
Laurel Price – Broker of Record