Understanding how property values are calculated and informed is a critical aspect of developing an effective pricing strategy, which in turn, will directly impact the result of your home sale. As a Toronto home seller, you should endeavour to familiarize yourself with a wide range of value-informing factors – some of which are not directly related to the physical home itself.
Beyond the physical characteristics of a home, its market value is additionally shaped by attributes from the surrounding community, local real estate market, and more. In this blog, we’ll highlight four often under considered factors that impact property values.
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Walk Score
One often-overlooked aspect that can influence the value of your Toronto property is its Walk Score. Walk Score is a numeric measure of how walkable a specific address or neighbourhood is. The Walk Score system can similarly calculate and score a location’s access to public transit and suitability for cycling.
In short, Walk Score analyzes the degree of convenience that comes from a property or neighbourhood. Primarily, a higher score indicates that your property is located near essential amenities such as grocery stores, shopping centres, healthcare, restaurants, and entertainment.
Properties with a high Walk Score tend to be more appealing to potential buyers, as they offer a more convenient lifestyle. This appeal can translate into higher market valuation.
Selling in West Toronto requires expert strategies and insights. Explore these blog posts for more information.
- How Agent Performance Impacts Sellers in a Challenging Market
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- How to Sell Your Home Without Losing Money
Demand For Rental Housing
An often overlooked yet influential factor in determining property values is the demand for rental housing in the vicinity. In Toronto, homes in neighbourhoods with a high demand for rental properties signify strong investment potential.
Potential buyers, including investors, tend to show greater interest in neighbourhoods where rental housing is sought after. This increase in interest directly influences property values in these high-demand areas.
Be aware that local rental demand can impact a property’s value regardless of whether it is actively being utilized to earn rental income. Toronto’s buyer pool includes a high volume of dedicated investors, in addition to home buyers who are open to relieving certain costs by renting out a portion of their home. These types of buyers will be able to envision a property’s income potential independent of its current layout.
Curious about which Toronto neighbourhoods are most sought-after in the eyes of investors? Click here to read our blog post on the topic.
Schools & Families Amenities
Another value-influencing factor related to a home’s surroundings is schools and family-oriented amenities. As a rapidly expanding city, Toronto is witnessing increased housing demand from a wide range of buyer types. One of the larger of these categories is families. As a result, the quality and proximity of nearby schools and essential family services can significantly impact a property’s value.
In Toronto, homes situated in the catchment areas of reputable schools or within proximity to well-regarded educational institutions see increased demand, which consequently affects property values. Families, in particular, prioritize such locations, recognizing the long-term benefits of quality education and its influence on property appreciation.
Eager to know more about property values and Toronto’s dynamic real estate market? Consider these other blog posts.
- An Essential Guide to Property Values
- What Are West Toronto’s Best Neighbourhoods For Investors?
- Is an Accelerated Home Sale Possible in Today’s Market?
Staging & Presentation
Another often under-considered factor in determining the market value of a Toronto property is the presentation. While this factor is closely tied to the home, it’s separate from elements of the property that are permanent or built-in.
The presentation of your property during the listing process holds substantial weight in determining its perceived value. Professional staging, decluttering, and appealing visuals play a crucial role in leaving a lasting impression, potentially increasing your home’s market value.
A well-staged home, with attention to detail and ambiance, often garners higher interest from potential buyers. With that in mind, sellers who are hoping to achieve a high result sale should not overlook the staging process. In order to ensure your home presents its best, be sure to partner with an experienced, top-performing real estate agent. As a professional expert, they can offer critical guidance on how to best amplify the value of your property.
Selling your home? Christensen Group’s high-performance selling services can help you achieve a lucrative result. Call us at 416.441.2888 or reach us by email at evan@christensengroup.ca.
