Buyers and sellers set the price that homes sell for. The economy (local and global), employment, interest rates, government activities, and supply and demand all have an impact on what buyers are willing to pay and sellers are willing to accept, but it takes a buyer and seller agreeing on a price to make the transaction, and what they agree on becomes part of the trend which determines market value.
Water spills over rocks on Perseverance Creek in Cumberland
Fair market value is somewhat subjective – it depends on what you value. If you want a workshop, then that has value for you, if you don’t, then it really doesn’t add value for you. Once buyers have decided on a geographic location, they typically do comparison shopping and choose the home that best suits their wants and needs, within their budget. Sellers want to position their home’s unique advantages to buyers who appreciate those attributes.
As a Realtor, I have a lot of information and tools available to me that can help to advise you on what fair market value is. There are also choices available to help you (see Home Buying and Home Selling). In addition to this information, I also have historical MLS data, BC Assessment data, market performance reports and other sources that I can draw upon to provide you additional information.
The two most important tools to help determine fair market value are a CMA (Comparative Market Value) and PCS (Private Client Service, a personal search engine that provides listing information). A CMA is a report that helps sellers decide what price to list their home for, and helps buyers decide what a fair price to offer is. This is basically determined by looking at what has happened in the market recently. I search for similar listings in the following categories:
For a free evaluation of your home please contact me.
Setting up a search on PCS is a great tool as well. As well as seeing the homes you are competing with, you can track price changes of homes, which homes sell and the price they sold for. It is a great way to watch and get to know the market even before you are ready to list your home or to start searching for a new home. See Get PCS to set up a search or contact me to set up a search or get a free home evaluation.
Trent River falls, Comox Valley.