If you're thinking about selling your home — or even just wondering where you stand — one of the first questions you're likely to ask is:

What is my home worth in today's market?

It's a simple question, but arriving at an accurate answer isn't always simple.

Online estimates can provide a starting point, and your latest property assessment may be interesting, but neither necessarily tells you what a buyer would be willing to pay for your home today.

Determining market value means looking at your property, recent sales, current competition and what's actually happening in your local real estate market.

Here's how we approach it.

Start With Recent Comparable Sales

One of the most important indicators of value is what buyers have recently paid for similar properties.

These are often referred to as comparable sales or “comps.”

Ideally, we're looking for properties that are similar to yours in areas such as:

• Location

• Property type

• Size

• Age

• Condition

• Number of bedrooms and bathrooms

• Lot size, where applicable

• Parking

• View

• Floor level for condos

• Outdoor space

• Renovations and upgrades

The more similar the comparable property is to yours, the more useful the sale can be when estimating value.

Not All Comparable Sales Are Equal

Two homes can look similar on paper and still sell for very different prices.

A renovated home may command more than an original-condition property.

A condo with an unobstructed view may sell differently from an otherwise identical unit overlooking a busy road.

For detached homes, lot characteristics, location within the neighbourhood, renovations, redevelopment potential and overall condition can all influence value.

That's why determining market value involves more than simply calculating an average price per square foot.

Active Listings Matter Too

Recent sales tell us what buyers have paid.

Current listings tell us what buyers can choose from today.

If you're planning to sell, your home will be competing against the properties currently on the market.

Suppose recent comparable homes sold for around a particular price, but several similar properties are now listed below that level. That new competition could affect how buyers perceive your property.

On the other hand, if there are very few comparable homes available, limited supply could work in your favour.

Both sold and active properties are important when estimating current market value.

What About Listings That Didn't Sell?

Expired and cancelled listings can provide useful information too.

If several similar homes were listed at a certain price and failed to attract a buyer, that can tell us something about where buyers may be resisting the market.

A listing price represents what a seller hopes to receive.

A sold price represents what a buyer was actually willing to pay.

That's an important distinction.

Does Your BC Assessment Tell You What Your Home Is Worth?

Not necessarily.

Your BC Assessment value and your home's current market value are two different things.

BC Assessment values are established for property-tax purposes and are based on a valuation date.

Real estate markets can change after that valuation date, and an assessment may not fully reflect characteristics that affect how buyers view your particular property.

Your assessment can be one piece of information, but it shouldn't normally be used by itself to determine a listing price.

What About Online Home-Value Estimates?

Automated online estimates can be useful as a rough starting point, but they have limitations.

An algorithm may know the approximate size of your home, previous sale information and nearby sales.

What it may not fully understand is that you've renovated the kitchen, your condo has a substantially better view, your house backs onto a busy road or your particular location within the neighbourhood is more desirable.

Those details can matter.

A proper market evaluation combines market data with an actual understanding of the property.

Condition Can Make a Difference

Buyers don't evaluate every home as if it were identical.

A beautifully maintained property that's ready to move into may appeal to a different group of buyers than a home requiring significant updating.

That doesn't necessarily mean you should renovate before selling.

Sometimes the best strategy is to make a few targeted improvements.

In other situations, it may make more sense to sell the property in its existing condition and price it accordingly.

The important thing is to understand how buyers are likely to compare your home with the alternatives available to them.

Location Means More Than the City

Real estate is extremely local.

Values can vary significantly between cities, neighbourhoods and sometimes even between different streets or buildings.

For condos, two buildings located a block apart can command different prices because of their age, amenities, maintenance history, strata finances or reputation.

Even within the same building, floor level, exposure, view, layout, parking and renovations can affect value.

For houses, lot size, street location, school catchments, traffic, redevelopment potential and proximity to amenities can all influence what buyers are prepared to pay.

That's why broad market averages only take us so far.

Market Conditions Matter

Your home's value isn't fixed.

It can change as the balance between buyers and sellers changes.

Interest rates, inventory, buyer confidence and economic conditions can all influence demand.

A home that might have attracted multiple offers in one market could face considerably more competition several months later — or vice versa.

When evaluating a property, we therefore want to use the most relevant and recent market information available.

Market Value and Listing Price Aren't Always the Same Thing

This is an important distinction.

Market value is an estimate of what a buyer may reasonably be willing to pay under current conditions.

Listing price is part of the strategy used to bring the property to market.

Depending on the property and market conditions, a home might be listed close to its estimated market value, above it or occasionally below it as part of a deliberate marketing strategy.

The right approach depends on the property, competition and the type of buyers we're trying to attract.

The Highest Estimate Isn't Necessarily the Best Estimate

If you're interviewing several Realtors, it can be tempting to choose the person who gives you the highest suggested value.

But a higher estimate doesn't make the property more valuable.

An unrealistic listing price can result in fewer showings, more time on the market and eventually price reductions.

A useful market evaluation should be supported by evidence.

You should be able to see which properties were used as comparisons, why they're relevant and how your home differs from them.

Curious What Your Home Is Worth?

You don't need to be ready to sell tomorrow to find out what your property may be worth.

Understanding your home's current market value can be useful when you're considering a future move, refinancing, downsizing or simply keeping track of your real estate investment.

Team Keenan Neilly can prepare a market evaluation using recent comparable sales, current listings and the characteristics of your individual property.

If you own a home in Burnaby, Vancouver, New Westminster, Coquitlam, Port Moody or elsewhere in the Lower Mainland, contact Kelly Huber for a current assessment of what your property may be worth in today's market.

September marks the beginning of one of the more active periods of the year in real estate.

With summer vacations behind us, families settling back into their routines and buyers refocusing their searches, the fall market often brings renewed activity.

For homeowners considering a move, that raises an important question:

Is fall a good time to sell your home?

The answer depends on your property, your local market and your own plans, but fall can offer some genuine advantages for sellers.

Why Fall Can Be a Good Time to Sell

Spring traditionally gets most of the attention when people talk about the best time to sell a home.

But fall can offer something spring doesn't always provide: less competition.

Depending on the year and your particular neighbourhood, there may be fewer homes coming onto the market in September and October than during the busy spring listing season.

That can give a well-priced and well-presented property a better opportunity to stand out.

If several buyers are looking for your type of home but there are relatively few comparable properties available, you may be entering the market at an advantageous time.

Fall Buyers Can Be Serious Buyers

Another potential advantage of the fall market is buyer motivation.

Some buyers have been searching throughout the spring and summer without finding the right property.

Others may just be beginning their search but hope to purchase and move before the end of the year.

Either way, buyers actively viewing homes in September and October often have a reason for being in the market.

That doesn't mean every buyer will be in a hurry or willing to pay any price, but it can create a different dynamic than the slower periods of summer or the holiday season.

There's Still Time to Make Your Home Look Its Best

One of the nice things about selling in early fall is that homes can still show beautifully.

There's generally plenty of daylight, gardens and landscaping can still look attractive, and the weather is usually favourable for showings.

If you're considering listing, you don't necessarily need to undertake a major renovation.

Often, relatively simple improvements can make a noticeable difference.

Consider things such as:

• Decluttering and removing excess furniture

• Touching up or repainting tired walls

• Completing obvious minor repairs

• Cleaning carpets and flooring

• Improving lighting

• Cleaning windows

• Tidying patios, balconies and outdoor spaces

• Trimming landscaping and cleaning up the yard

• Improving the home's entrance and curb appeal

The goal isn't to make your home perfect.

It's to make it easy for buyers to picture themselves living there.

Should You Renovate Before Selling?

This is something we discuss with sellers regularly.

Not every renovation will return what you spend on it.

A $30,000 renovation doesn't automatically make a property worth $30,000 more, and spending money immediately before selling isn't always the best strategy.

In many cases, smaller cosmetic improvements can have a greater impact relative to their cost.

Before committing to an expensive renovation, it's worth looking at the homes you'll be competing against and determining what today's buyers are actually expecting.

Sometimes doing less — but doing the right things — makes more sense.

Pricing Matters in the Fall Market

The season alone won't sell a property.

Pricing remains one of the most important parts of a successful sale.

Buyers today have access to a tremendous amount of information. They can quickly compare your home with other active listings and often see what similar properties have recently sold for.

That's why we look closely at:

• Recent comparable sales

• Current competing listings

• Days on market

• Recent price reductions

• Buyer activity

• Inventory levels

• Conditions within your particular neighbourhood and property type

The objective is to position your property where buyers see value when they compare it with their other choices.

Don't Rely Only on the Overall Market

Headlines about the real estate market can be useful, but they don't necessarily tell you what's happening with your home.

There isn't one single Lower Mainland real estate market.

A detached home can experience very different conditions from a condo or townhouse.

The market can also differ between Burnaby, Vancouver, New Westminster, Coquitlam, Port Moody and other communities — and sometimes between neighbourhoods within the same city.

Even two similar condos a few blocks apart can face different market conditions depending on the building, location, price range and available competition.

That's why local information matters when deciding whether now is the right time to sell.

The Fall Selling Window Can Be Relatively Short

One consideration with the fall market is timing.

September and October are generally the heart of the fall selling season.

As we move deeper into November and toward the holiday season, real estate activity can begin to slow.

That doesn't mean homes don't sell later in the year — they certainly do.

But if your goal is to take advantage of the traditional fall market, it's worth being prepared rather than waiting until the season is almost over.

What If You're Selling and Buying?

If you're planning to sell your current home and purchase another, don't evaluate the decision based solely on what you think your existing property is worth.

You also need to consider the market you're buying into.

A softer market may mean accepting a little less for your current property, but it could also create an opportunity to negotiate more effectively on your next home.

Similarly, a strong seller's market may produce a higher sale price while making your next purchase more competitive.

The important number can sometimes be the difference between what you're selling and what you're buying, rather than either price by itself.

Should You Sell This Fall or Wait Until Spring?

There's no universal answer.

Spring may bring more buyers, but it can also bring more listings and more competition.

Waiting can work in your favour if market conditions improve — but market conditions can also move in the opposite direction.

Rather than trying to predict exactly where prices will be several months from now, consider what we know today:

What are comparable homes selling for?

How much competition would your property face?

How long are similar homes taking to sell?

And does selling now make sense for your own plans?

Those questions are much more useful than assuming one season will automatically produce a better result than another.

Thinking About Selling This Fall?

If you've been considering a move, the fall market may provide a good opportunity — but the first step doesn't have to be putting a For Sale sign on the lawn.

Start by understanding your home's current value, the competition you'd face and what you could realistically expect if you listed.

Team Keenan Neilly can prepare a no-obligation market evaluation and review recent sales, current listings and buyer activity specific to your property and neighbourhood.

If you're considering selling in Burnaby, Vancouver, New Westminster, Coquitlam, Port Moody or elsewhere in the Lower Mainland, contact Kelly Huber and we'll help you determine whether selling this fall makes sense for you.