What is a Regina Home Evaluation?

A home evaluation is an estimate of a house’s value based on recently sold and similar properties in size, features, and neighborhood. The report typically includes a description of the properties, number of bedrooms and bathrooms, square footage, sale price of each property, and fair market value of your home. Not only does this report provide sellers with a range of values to help them set a listing price but also helps buyers to determine where to submit their offers. Without a home evaluation, neither buyer nor seller can know what the fair value of the property is.

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Study Of Sales Similar To Your Property:

When creating a Regina home evaluation, your real estate agent will break down the aspects of your home to determine its value. Using comparable sales helps narrow down sales that closely resemble the house you are trying to purchase or sell. Your real estate agent will look at recent sales in the last three to six months and in the same area to find homes similar to yours. It is important to look at these properties and compare the following:

Lot Size - The amount of land your home is on can impact its worth. Even a quarter of an acre can make a considerable difference.
Square Footage - Larger homes are usually worth more than smaller homes. In order to calculate a fair market value, you need to consider what livable square footage is. It may or may not include the basement or attic depending on local laws and if the space is finished.
A number of Bedrooms & Bathrooms - If your home has more bedrooms and bathrooms it will usually be priced higher than one with fewer.
Age and Condition - If your home is newly constructed or recently renovated, it will be worth more than an older house without any updates. However, historical homes that have been restored or maintained can be worth more than recently built homes.
Features - Features such as finished basements, garages, landscaping and renovations can increase your home value. If houses in your neighborhood possess features that your property lacks, it can decrease your house value.

No two homes are exactly the same and neither is their pricing. This report can only compare multiple properties to give the sellers a price range that their home fits and what is a fair market value.

Understanding Of Market Conditions Surrounding The Sale:

The market changes rapidly and has a huge impact on your home’s sale price. This is why when your real estate agent creates a Regina home evaluation report they try to find comparable homes that have sold within the last 30 to 90 days to determine your home's fair market value. However, the fair market value fluctuates based on if a home is sold in a seller’s or buyer’s market. High home inventory often leads house prices to fall and lower interest rates will lead house prices to rise. Your real estate agent will determine if any of the comparable properties will need to be adjusted to account for this difference in time.

Understanding Of Where The Market Is Heading:

It is critical for buyers and sellers to understand where the real estate market is heading. The market is always changing whether it is interest rates, home prices, or market trends. Interest rates can greatly impact the market. Lower interest rates allow more people to obtain a mortgage which creates more housing demand that will eventually push up the sale prices. Additionally, it is important to understand if the housing market will be a buyer's, seller's, or balanced market. In a buyer’s market, there are more houses on the market than there is buyer demand. House prices tend to be lower and take longer to sell, giving buyers the upper hand in negotiations. In a seller’s market, there are more buyers than houses for sale on the market. This means homes sell quickly, house prices increase, and buyers face stiff competition. In a balanced market, the number of homes on the market are about even to buyer demand. Both buyers and sellers are on an even ground and house prices are not rising or falling. Understanding which type of market we are in will help you determine how your Regina home evaluation is affected and if now is a good time to sell your home.

Knowledge Of Issues Or Benefits In The Property That Could Inflate Or Decrease The Asking Price:

Any issues with a property will be uncovered during the home inspection so you should disclose these problems to your real estate agent before you list your property. If you know about any problems with your home, tell your agent so you can create a plan together. It’s uncommon for buyers to negotiate on defects they knew about when they made the offer on the property, so disclosing ahead of time can save you headache down the road.

If you are thinking about selling your home, you should get a Regina home evaluation from a real estate agent. Listing your home for a fair market price is extremely important. Without an evaluation to determine fair market value, it is a guessing game on what you should list your home for. If you price your home too high, it could sit on the market for months and may lead you to selling your home below market value.

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If you have any questions about your home value or to receive a home evaluation, please give me a call at 306-552-7047 or fill out my online contact form.