Several things are taken into consideration when determining the value and the selling price of a house. Location, location, location” is a common mantra in real estate and it is good advice however most people have no idea what it really means.
Edmonton is home to cultural festivals, events, and a bewitching nightlife. It is the capital city of the Canadian state of Alberta and is known to have cold winters. Many seek beautiful houses in the city of Edmonton with the hope of establishing a new life in its magnificent neighborhood. And with increasing demand, many builders and property owners list their houses for sale in Edmonton.
The real estate market of Edmonton surged to 8.30% in February 2020 in comparison to February 2019. The number of house listings also increased to 12.20% in the same month.
But if you want to sell or buy a house in Edmonton, then you must know the true worth of the property. Let’s learn about how to assess the worthiness of a home.
Consult a Property Expert
Property experts and dealers are the best advisors on understanding the value of your property. Many customers prefer hiring a professional appraiser to learn about their property estimates. In January 2020, the sales of single-family home units in Edmonton were up by 29.82%.
The sale of condo units soared by 52.69% due to correct property valuation. When you hire an expert, they calculate the property value by comparing it to market prices. More than 28% of the U.S citizens determine the value of their property by hiring a professional appraiser.
Compare the Property Online
There are more than 62% of the homeowners who evaluate their property prices by comparing the properties in the same location. Edmonton is a city with a huge neighborhood, and hence the prices differ location-wise. According to the Realtors Association of Edmonton (RAE), most of the web portals enlist more than 5,363 properties in Edmonton on quarterly-basis.
The majority of the condominiums are sold at an average price of $212,520. There was a 4.37% decrease in the price of condos compared to prices in 2019. Hence, it is best to evaluate with the help of comparable properties even as a buyer. By verifying the recent selling prices of similar houses in the neighborhood, you can determine the best value of any property.
Use HPI Calculator
There are several houses for sale in Edmonton, but deciding which one to buy becomes a tough task. To ease your worry, you can use the Federal Housing Financing Agency’s HPI (House Price Index) calculator.
As the spring season commences, the prices fluctuate to a variable degree. Market statistics say, the prices of a duplex in Edmonton increase by 0.19%, and the prices of single-family homes fall by 0.57% annually. But with the help of the HPI calculator, you can quickly analyze how your house price appreciates over time.
Try other Online Property Valuation Tools
There are various online tools other than HPI, known as AVMs. They are automated valuation model tools that help in estimating the average value of your home. Nearly 22% of the homeowners in Edmonton prefer using this technique at first to determine the price of their homes.
The listings of duplex and condos averaged 80 days and 74 days, respectively, as per the RAE. The listings have costs and the age of the property displayed, which helps in studying how much a property is worth. Hence, few valuation tools online help in determining the value of your property, but you must seek an expert’s advice to sell your property.
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