What’s Your Home Worth?

One of the biggest and most important concerns and dilemmas you will face, when deciding ways of selling your home in Calgary, is how much is my house worth? This is especially true if the house was purchased many years ago, when market prices were completely different, or maybe you’ve inherited the property and had no idea what it could be worth. While there are key factors that play a prominent role in home evaluation, such as location and size, no one can tell you right away if an apartment within neighbourhood “X” costs “this” or “that” much.

Calgary is a large place with many factors influencing the property’s worth. With 1.3 million people and hundreds of properties going up for sale every day, the price of your home can fluctuate on an annual (or even monthly) basis. This is why it’s important to have your house evaluated professionally, directly before listing it for sale.

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Selling Your Home in Calgary

What factors affect the property price in Calgary?

1. Location. As with any other place on Earth, the placement of your property on the map is the number one factor when it comes to the real estates’ worth. If you’ve lived in Calgary for a while, you know that some neighbourhoods are luxurious, while others are considered “inferior.” This is the one single factor that cannot be influenced and is outside of your control.

2. Size. When it comes to real estate in Calgary, size, by all means, matter. This applies to the number of bedrooms and the square foot area the house or condominium occupies. While a general rule of thumb is that “the more bedrooms, the better,” having plenty of tiny unusable bedrooms will not always add much value to your property.  Which brings us to our next parameter…

3. Layout. A critical key-factor, which determines, how comfortable your house will be in a daily-life, is its’ layout. A well-planned design that can balance the city and quiet life is always a significant benefit. In Calgary apartments, the number of windows and where are they facing also plays a vital role. Apart from that, elements like a second bathroom and wise use of space can alter the value. 

4. Noise and pollution. Based on the previous factors, the location of the apartment, the level, the number of windows and where are they facing, determines the amount of noise it will be exposed to. Proximity to the main road, basement-level,  and front-facing windows — may all have a negative impact on the cost, though not necessarily in all cases.

5. Parking. Whether it’s a house or an apartment at the heart of Calgary, everyone would appreciate a garage. Living in a cosmopolitan often leaves residents without a parking slot and having your own spot reserved for your car at the basement of the building or next to your condo is a big bonus, many people are ready to pay for.

6. Basement and attic. Having a well developed, clean and usable extra space for a spare bicycle, toys and an old coffee machine can add value to your property. In some houses, these spaces (if they are big enough) can be even transformed into living areas.

7. Design and presentation. How your house is designed, decorated and cleaned – in no small part contributes it’s worth, when someone comes in to see it. In many cases, when a person enters a cozy home with a warm atmosphere, they fall in love instantly and may overlook other “flaws,” which could have otherwise brought the house’s value down. Design and presentation go beyond clean walls and a shiny sink, it’s about the atmosphere the property conveys.

8. Your patience and motivation. Every house is different and we, at CIR Realty, take into account our clients’ needs and preferences. If you are in a rush to close a deal, you would probably have to accept lower offers for the sake of a speedy transaction. On the other hand, if you are on in a hurry,  and can afford to leave your property on the market for a more extended period of time, and you are determined to get the maximum value off your asset – you can afford to bump the price and wait for a little.

9. Selling Your Home in Calgary. Real estate prices are tidal, both globally and locally. Market crashes, interest rates, financial defaults or on the contrary – the country’s economic growth, all impact real estate’s value. Some years are more “favourable” for buying real estate, while others are not. The local “supply and demand” may have a tremendous influence on the final price but it’s bound to many other social and economic circumstances, such as demographics, immigration, and popularity of each neighbourhood individually.

Combination of the above factors

Bearing in mind these and many other factors that influence the market price of your home, it’s important to take into consideration the combination of these circumstances. For example, a tiny, inadequately planned apartment in poor condition yet in a prestigious part of the city, may not be as valuable as a spacious newly built residence a few blocks away.

This is why it’s crucial to have your home professionally evaluated by realtors and experts from CIR Realty, who not only know the real estate business and the aspects that should be taken into consideration, when appraising your property but are also up-to-date with current market trends and advantages.

Selling your home? Get a Free Evaluation

If your property is located in Calgary, CIR Realty will be happy to offer you a ‘free’ home evaluation, which will conclude the real value of your house. This appraisal is not only free but also does not oblige you in any way. Thanks to our skilled realtors with extensive practice and over three decades on the market, we can operate on a large scale and offer to inspect your property in detail to determine it’s worth. To avail of our service, contact us any time, and we will be delighted to come and see your property and give you our expert advice.