The Strand, Whalebone, Malaspina, Descanso Valley, Gabriola Passage, Hess, Perry, Ferne, large acreage, view lot, farm, small rancher, estate home?

We are talking about variables. With such diversity, how do we determine a listing price, or the fair market value of your home? It is one of the most difficult decisions home sellers face. If you price too high, you'll scare off potential homebuyers; if you price too low, you risk losing some of your hard-earned equity.

Two tools are typically used to calculate a competitive and accurate market price: The CMA, or comparative market analysis, and an appraisal report.

The CMA compares the list price and the final sale price of similar properties in the neighbourhood. Based on that analysis an informal estimate of your home's value can be determined. A Realtor can provide you with a CMA, offer to analyze the data and factor in any other features or improvements specific to your home, that will affect the list price. This includes amenities like: treed lot, ocean view, close to marina, and many more, proximity to parks, the ferry, shopping, school, professional services centre. Typical amount of time that listings stay on the market is part of this analysis.

An appraiser's evaluation of your home is a formal estimate of the property's value. Lenders, like banks or mortgage brokers, require that home buyers obtain a satisfactory appraisal to help secure funds. The appraiser will base the estimate on a similar number of factors as in the CMA.

The best and most competitive list price of your home can then be determined. Only an expert in this field can help you wade through and analyze the litany of variables and arrive at an agreed upon list price.