Four Key Points to Consider
Consider Public Data
The first one is the one that many of you are already familiar with, and that is considering the public data. There are algorithms out there that can spit out an instant valuation, which is essentially a guesstimate of your property based on public data. They could be anywhere from 12 to 18 months behind, depending on the local municipality.
Account For Neighbourhood Location
Location, location, location. But often times, what we do is we overestimate or underestimate that. So, wherever the property is, the properties around there that have sold are going to immediately affect that.
Be Realistic About Your Current Market Condition
What is the current condition of your property if you were to bring it to the market? In the eye of the buyer what do they believe the condition of your property is? Is it at, or above, or below average condition versus the competition? It's very important to be realistic about the current condition of your property. An in-house home assessment or property assessment is the best way to consider this and really refine it.
Study Local Market Trends
All the local market trends, by the town and even the neighborhood, should be considered.