Home evaluations in a hot market

The past year has seen unprecedented price increases fueled by short supply and low interest rates and many buyers. There is a belief that the housing market will continue to appreciate at these rates turning the housing market into an investment platform to build wealth rather than simply finding a place to live.

Many of the buyers in the market own more than one home and are looking for homes to rent out. Sudbury is a good market for investors as there are lots of students looking for housing and the pricing, although much higher than they have been. are still a deal compared to homes in the south.


All of this makes pricing your home a real challenge. The usual method for pricing a home is to gather all of the similar homes in the neighborhood that have sold recently. The subject home is then compared to the sold homes to come up with a sale price. There is quite a lot of work that could go into this process to get the price to properly reflect the condition of the home, the size, the qualities and level of features. Trying to price your home yourself can result in leaving money on the table or deterring buyers by setting the price too high.

This method of pricing homes is generally what an agent will do when selling a home. The price is what the home should sell for at that moment in time. It would equal or be very similar to what other homes have sold for.

In a hot market in favor of the seller, the final selling price might end up much higher than the evaluation price. This is an unpredictable outcome and one that you cannot rely on. The market can change any day or there may be other factors that result in a sale price lower than your expectations. Generally speaking and from recent experience, the sale prices have mostly been at or above asking when the market is so heavily tilted.

Setting the right price for the current market conditions is what agents are trained to do. We see new homes listed and sold everyday and know what your homes are worth in your neighborhood. Ultimately the market will dictate what the final sale price will be. The right marketing plan and home sale preparations will help to ensure that your home sells for top dollar.

Want to know what your home is currently worth? Book an appointment with me for a no cost and no obligation home evaluation. Link to book is on the main page at grantgraham.com.

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