The first question that most clients ask us when they decide to sell their home is how much it’s worth
Knowing the value of your home and the price of other homes for sale in Ottawa and surrounding areas is crucial information you need to have before listing your home for sale. We’ve created a tool to help you get this information quickly and accurately.
To receive your complimentary home evaluation, simply input your address and some details about your home in the form on this page. The system will search our database of similar homes listed or sold in your area and conduct a thorough, comparative market analysis.
How much can I get for my home?
Multiple factors influence the worth of your home:
Your neighbourhood is a significant influence on the value of your home. When you list your home for sale, you’ll need to consider the sales process of similar homes in your neighbourhood, also referred to as “comparables” or “comps.” Comps are determined by doing home appraisals and comparative market analysis, and many real estate agents rely on comps to help estimate the value of your property.
The location of your home may be ideal for you, but it may not be suitable for buyers in the market. The value of your property will depend on the quality and quantity of local schools, employment opportunities, shopping, public transit, entertainment, and recreational centers in the area. Proximity to busy streets, highways, train tracks, and utility lines can sometimes negatively impact the value of your home.
Often, the bigger the home – the better. Generally, the core value of homes for sale in Ottawa is roughly estimated based on the price per square foot of the property. For example, if your home is listed at $350,000 and it’s 2,500 square feet, you would divide the square footage by the listing price to find the price per square foot at $140. Whether your cost per square foot is a bargain will depend on the location and neighbourhood comps.
Older homes for sale in Ottawa aren’t usually appraised at higher values. Things like plumbing, the roof, appliances, and electrical systems are older and more likely to need repair or replacement. Newer homes typically come with warranties, and they’re more “move-in ready,” so they come with a higher price tag.
Suppose you’ve invested a lot of money into renovating and upgrading your home. In that case, this could positively impact how much it’s worth. The value of a project or upgrade varies depending on the market and area. Finished basements could hold more weight in specific markets. In contrast, a pool or renovated outdoor space could have more value in others.
When there are fewer homes and more buyers on the Ottawa real estate market – it’s a seller’s market. Fewer buyers and more homes equal a buyer’s market. How hot the market is and whether you’re buying or selling in the current market conditions will impact the value of your home and how long it takes to buy or sell.
Home evaluations are essential when determining how much your home is worth. A few home evaluation methods are standard in the Ottawa area.
1. The first home evaluation method is by looking at comparable home values in the area. This can be done online or by contacting a local real estate agent.
2. The second home evaluation method is by looking at the home’s square footage. This can be done by measuring the home’s interior and exterior.
3. The third home evaluation method is by looking at the home’s features. This includes things like the number of bedrooms, bathrooms, and other amenities.
4. The fourth home evaluation method is by looking at the home’s location. This includes things like the proximity to schools, parks, and other amenities.
These home evaluation methods will help determine how much your home is worth in Ottawa.