Whether you’re buying or selling real estate, the value of a house is determined by many factors. Generally they can be categorized as:
Location. Depending on needs and wants good location can be: “close to 401” (Doon in Kitchener, Townline Road, Cambridge), able to walk to work (near Sunlife or Wilfred Laurier University), near schools and amenities…
Condition of house and property. Curb appeal, renovations and updates, condition of the roof, age of the windows, the landscaping…are all important. Buyers often have a lot of houses to choose from. Sometimes it’s a little thing that may knock your home out of the game. Ask your Realtor what would be worthwhile to change.
The economy. Low interest rates tend to lead to higher house prices. But when the market gets overheated and if there is a hint of an interest rate increase the market can stall or prices can drop. Talk to your Realtor. Ask him what’s currently happening in the market and what he thinks might happen in the coming months and why.