Fair Asking Price - Have a Fair Asking Price on Your Vancouver, Toronto, Mississauga or Markham Home and Condo!
When you are out looking at new homes, you are shopping around for the most significant investment you will ever make. Whether it's a amazing Toronto condominium you are interested in or a townhouse right here in a Vancouver Zip, you want to make sure you pay a fair price.
The problem is that the real estate world is a very subjective one, something that is evident on every MLS, Mississauga to Burnaby. Current home owners want to sell their homes at as high a price as possible, just as you will when it comes time to sell. There are no real regulations which govern what a fair price is on any given home, instead everything is determined by market conditions.
And of course, those market conditions vary from one location to the next. If you thought Toronto luxury homes for sale were highly priced, wait until you see the asking prices on the market here in Vancouver. Back East people think that Toronto is the end of the line as far as housing prices in Canada, but Vancouver is truly the most expensive city to buy a home in in the whole country.
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And every Vancouver home owner knows it. No matter whether they have paid off the mortgage or not, if they are about to move to much less expensive Real Estate in Toronto for Sale to retire or are just upgrading in Vancouver, they want their equity out of the homes they bought over the years. So, how can someone looking for a home in Vancouver be sure that what they are looking at is being listed at a fair market price?
Well, the most valuable tool for any potential home buyer is a comparable market analysis, or CMA. CMAs are traditionally the purview of the seller, who has one prepared by a real estate agent in order to determine how much they will ask for the home.
However, real estate processes have changed a lot over the last decade, and buyers have become more savvy about the marketplace. Buyer's agents can also prepare CMAs for their clients, using the same criteria which would go into a seller's CMA.
One thing is noteworthy here: you have to make sure the agent you are working with is truly representing the best interests of you as a buyer. Unless there is a specific agreement in place, an agent will actually be working to sell the property, not to help you buy at fair value. This means that releasing an accurate CMA to you might be a conflict of interest, unless you have an agreement in place.
Armed with the CMA, you can determine whether a home owner is asking a fair price based on location, home specifics, and so on. They are great tools in negotiations, whether we are talking Vancouver British Columbia or Markham Ontario real estate.