Generating a Property Value in a Turbulent Market
At the best of times, generating a property value can be challenging depending on the sales comps available. Often, your clients’ expectations can be out of alignment and they have a deep emotional attachment to their home. But as a real estate sales professional, there are certain factors you need to consider when determining property value. Are you valuing it too low and could get more money for the listing? Or too high and it won’t sell?
In a good housing market, these questions might be answered with time and experience, especially if you’ve been selling in a particular neighbourhood for many years and have a feel for the local real estate.
However, in a turbulent housing market, such as the one many experts agree Canada is currently experiencing, even the highest level of experience can make generating an appropriate list value nearly impossible.
Particularly if you are selling in a more volatile housing market, such as the Toronto real estate market, generating a property value is a difficult exercise. New mortgage rules, increasing interest rates, and the foreign buyers’ tax are just some of the new regulations that have been introduced in the past two years, which have shifted the market. And there could be more coming.
So, how can you cope? How can you adapt to an ever-shifting market and generate list values that are going to sell and earn you a profit?
The easiest, most accurate, and most reliable way is using technology.
Tools, such as GeoWarehouse’s Property Details Report, can provide an unbiased look at a property’s value. It can compile historic and current data to give you the very best overview. It contains valuable information about a property, including the Land Registry information, MPAC assessment data, property ownership information, sales history data, images of the property and more. This report can be used when determining a property’s market value and because it is completely customizable, it is a fantastic sales and research tool.
Another tool that can be of assistance when generating a property’s list value is GeoWarehouse’s Comparable Sales Report. This enables you to search for comparable sales in a particular area. You can perform a property search by radius, sales time-frame and price range. This report is an essential tool in your tool kit because it places the information that you need at your fingertips.
Generating a property value doesn’t have to be an exercise in futility. You can take out the guesswork with reliable, complete, and accurate tools, such as the GeoWarehouse reports. The information contained within can help you navigate even the most turbulent of real estate markets.
For more information on the Property Details Report and the Comparable Sales Report, or to register for GeoWarehouse, visit www.geowarehouse.ca.