Hey there, Ivaylo Stoyanov here from the Stoyanov Group and in this video I will be going over the different variables
that you can use to determine your home value in order to accurately price your home for sale. Many people
make the mistake of just looking at what their neighbour sold for or what someone down the street got for their home and
they base their homes price on an average of those home prices.
Now even though that technique may work 1 out of 10 times, its not a good indicator of an accurate home price. When
calculating your home price you want to take a look at the 3 to 4 most comparable homes to yours that have sold in your
neighbourhood over the last 60-90 days. We want to compare apples to apples to determine an accurate home price. A
comparable home would be one that is similar in style, square footage, age, lot frontage, lot depth, garage spaces,
basement finished or unfinished and you would make the appropriate numeric adjustments based on the numbers that
After you find your 3 to 4 most comparable properties you would make appropriate adjustments both on the variables I
listed before as well as different variables inside the home. Renovations play a huge role in determining home price,
however just remember that not all upgrades that you have spent money on will give you dollar for dollar back, which is
something to keep in mind. Some upgrades will, such as kitchen, bathrooms, floors, separate side entrance and basement
apartments (depending on your neighbourhood), master bedroom and master ensuite will bring more perceived value to
potential buyers than other upgrades.
Things such as pools and hot tubs would be very subjective to the potential buyer clientele in that particular
neighbourhood so keep that in mind when pricing out your home. One of the adjustments that is critical to make is the
appreciating or depreciation in the average price in your neighbourhood based on when the comparable properties were
sold. Once all dollar adjustments are made base on these variables, we can take an average of the ADJUSTED prices and
narrow down your current home price. The last thing you would take a look at is the current state of the market. Are we
in a buyer or seller market in this neighbourhood in order to find out where the prices might be going over the next
month or two because we never want to be chasing the price down.
As you can see, calculating your home price is not as easy as looking over your neighbours home and seeing what they
sold for, and this is why it is super important to take into consideration all other variables. I hope that this has
brought you tons of value and remember we are always here to help you with your home value and take all the stress off
your back. As always if you or anyone you know is looking for a great real estate agent, GIVE ME A CALL and I would love
to be of help. Thank you so much for joining me today and stay safe.