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SpinDistribute.com Article Directory

The following article was published in our article directory on February 17, 2011.
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Factors that Affect the Price of Homes in Toronto, Canada

Article Category: Advice

Author Name: Paul Stephens

So you've decided to sell your house and move elsewhere. In addition, you want to be able to sell your property at the shortest time and the highest price possible. Or maybe you have decided to live in Toronto and would like to purchase a house. Whichever case is applicable to your situation doesn't matter - you've come to the right place.

Whether you are selling your home or buying one, it is best that you at least have basic knowledge with regard to the dynamics at work within the real estate market. One of the first things you should be aware of is the factors that dictate the value of any housing type - rowhouses, condos, single or semi-detached units, lofts, bungalows, etc. - in Toronto. There are five, and these are the following:

Location of the property - Obviously, if the house is in a prime spot, its value will be higher compared to a house of the same type but in another location.

Prevailing prices - Market conditions change; consequently, the average prices for houses fluctuate every so often. Determining the value of a particular home entails looking at the prevailing values of similar structures in the market.

Condition of the house - It goes without saying that the older a house is, the cheaper its value. And of course, if there are numerous repairs that need to be done, the value of the property will be significantly lower than average.

Prior sales - If you are the first owner of the house, you can expect a pretty good price for it. If this isn't the case, though, the price of your property will be cheaper.

Improvements done - Don't think for a second that the renovations and modifications you've done to your property will go to waste. If you have managed to maintain the structural integrity of your house while making some additions to it, expect its value to rise.

Knowledge of these factors is important regardless of whether you are a buyer or a seller. If you are a buyer, being aware of prevailing market prices will help you determine whether what is being offered to you by a private seller or a real estate agent / realtor is fair. Hence, you are likely to save yourself from being duped into purchasing something well above its price.

If you are out to make a sale, the information given here is crucial, too, since determining the price tag you'll give your property is a delicate move. If you are not aware of current prices in the market, you might end up over- or underpricing your property. These are the worst things you can do as a seller who wants to make a profit.

As valuable as the aforementioned things are, sometimes you simply do not have the luxury of time to go through news regarding real estate to determine the price of the property you would like to sell or buy. In a case like this, the best thing you can do is to choose a realtor from a trusted real estate company such as Remax to help you make the right decision.

Keywords: Toronto, real estate, condos, lofts, remax, realtor, agent, homes, sale, Canada

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