Analyzing Home Value in Today’s Housing Market

The housing market in Canada is volitile due to unstable European markets and  the US market being in the dumper for the last few years. The current housing market projections for 2012 by Canada Mortgage and Housing indicate a relatively stable housing market with slight increases in sales of existing housing. That can mean increased values.  CMHC also makes cautionary statements about the housing market based on what happens to the US market.  That, no one can predict.

Taking Control in a Buyers’ Housing Market

One thing is clear.  There’s not going to be a big boom any time soon.  If you want to sell your home, you’ll need to look beyond trying to forecast world markets, and stick to things that you can control.  It is still very much a buyers’ housing market and making your house stand out on top is critical.  Choosing professionals that understand their business, and can perform the work competently can  help in the marketing and ultimate sale of your home.

Staging, Renovating, Remodelling

Whether you decide that the bathrooms need total upgrading,  the home needs minor maintenance, or staging is all your require, you will need to choose the right professional for you, and your home.  The consequences of hiring the wrong person to do the job can result in spending money that gives you little or no results, or worse yet leave your home in a worse condition than when you started.

Choosing a Housing Professional

Choose a Home Specialist That You Can Trust

When I owned my own Renovation company, I took every effort to build credibility and trust with each and every homeowner.  My very best customers who were extremely satisfied were also my top advertisers.  Their referrals were friends and neighbours who knew them.

It stands to reason that the best way for you to choose a home specialist is to ask people you trust, and respect.  Don’t leave out the respect part.  There are likely people you trust, but it’s important to respect their judgement about the professionals they are recommending to you. Ask them questions concerning the things that you value the most or that might be of particular concern to you.  Did the job get done on time, and on budget?  If the home project was extensive was there clean-up every night?  Were their expectations filled?

Comparing the Job

A great way to assess the home professional is to look at the job.  Perhaps your friend had a kitchen remodelled recently.  Can they show you what they like about the work that was done?  Can you see quality in the installation or are there things that bother you about the work?  How long ago was the job done?  Would the same people be doing the job at your home or have these key personnel left the company?

Now compare the job to what you will be asking from the professional.  How similar is the scope of work?  Is the job similar?  Don’t expect professionals to be ‘jack of all trades’.  Most home professionals have a specific area of expertise that they are very accomplished in, and will take other work only when they’re not busy.  You would likely not hire a painter to do a roofing job, and if the professional has only done small interior projects, you likely wouldn’t want them to build you a sunroom.

Setting a Deadline

You should get a written Scope of Work of the project, a price for the job and the payment schedule as well as a start date and end date to the work.  If you are working towards listing your home, you want to be sure that end date is included in your contract and perhaps even consequences if the deadline is compromised by the professional.  Certainly, changes to the Scope of Work or unpredictables such as weather, or finding additional work that needs to be done because of opening of walls, does change the end date, but you will not want the project to drag on indefinately.

Increasing Home Marketing Odds

Staging, remodelling or renovating completed by professionals in the industry can improve your chances for a quick sale, versus a home that sits on the market beyond 90 days.  A potential buyer appreciates care to the home.  They want to feel secure with their purchase.  Doors that open and close properly, tiles that are in line, grout that is pencil thin and smooth, and proper colour and maintenance are only a few of the items that a buyer look at when they enter your home.

Do not expect to get 100% of your renovation dollars returned when you sell your home. Dollars spent wisely will get you a return on your housing investment, and will help sell your home quickly.   Make sure you calculate a listing price that is accurate to the market.  It’s all part of marketing your home.