From A Woman's Perspective: January 4th, 2025 "Annual Equity Review"

Annual Equity Review
 

Good morning, Marilyn. I once heard someone say, “It’s time for a check up from the neck up, and get an attitude of gratitude.” Gratitude is a great way to start the day, the week, the year! I’d encourage anyone to pause, look around themselves, and count their blessings. 

Taking care of our blessings is frequently on the agenda in the new year. We schedule our annual physical with our family doctor, prepare for the upcoming tax season with our accountant or tax professional, and maybe start on a new exercise regimen. All of these things are wise activities.

It’s also a SMART move to check the well-being of your largest financial investment - your home! Keeping informed about its current market value is wise stewardship for several reasons:

1. Understanding Your Home’s True Value

There are many factors that determine the value of a property: location, size, condition, just to name a few. It takes experience and knowledge to assess these factors with appropriate weight, and to adjust over time. The fact that your neighbour sold their home in July 2023 for $1.7 million is not an accurate reflection of what your home is worth. Let’s just pretend your investment was in Apple Stock and not a house. I think you’d monitor it pretty closely, and not just say to yourself, “Well, it’s worth around, something like $1,500,000, kinda, sorta, more or less.” This is too important of an investment to only have a ballpark figure for!

2. Maximizing Sale Price

The real estate market is in a constant state of fluctuation. Choosing the right time to sell can make up to a 10% difference in the final sale price your property achieves. That might not seem like a lot, but on a $1,000,000 home that’s a whopping $100,000! An annual equity review helps you keep an eye on the pricing trends in your neighbourhood to know when it’s the SMART move for you. 

3. Preparing for the Future

As a senior who is likely to downsize one day, having an accurate estimate of your home’s sale price is essential for budgeting your next steps. Knowing how much equity you can use toward a smaller, more manageable home or other expenses shouldn’t be left to guesswork. Giving you accurate information helps you make better decisions. The equity you have tied up in your home is a tool to use to enhance your lifestyle, aging and wellness goals. Knowing how much you’ve got to work lets you know the options that are available for your future. 

4. Peace of Mind in Retirement

There’s a commercial that says, “You’re richer than you think,” and for many seniors who own their own homes, it can come as a real shock that the starter home they bought in 1985 for $109,000 is now worth ten times that. Imagine what your retirement could look like if you accessed even just a portion of your home’s value by downsizing. You could have quite a sizable nest egg to fund your health care, travel plans, or gift to family. 

I hope I’ve convinced you to pay attention to the value of your home as part of your annual routine check up. 

We’ve made this as painless a process as possible by setting up a simple questionnaire online at smartrealtysolution.com. Fill in the details, and our team will start on their research. (And by team, I mean me!) We look at the recent area sales, historic neighbourhood trends, and properties like yours currently for sale to give you a snapshot of your home’s value. And the best part is that this service is absolutely free of charge or obligation. It’s just this little thing we do call being fabulous. You can go to our website smartrealtysolution.com and register for your Annual Equity Review. 

Once you’ve registered you’ll receive a written report that shows exactly what’s happening in your neighbourhood. Then, once a month you’ll get an overview of area activity to keep you in the know.  We’ll never pester you but seek only to provide you with empowering knowledge.

That website again is smartrealtysolution.com or you can call me at 416-460-5636 and I can take your information over the phone. 

That’s it for me, Marilyn. This is Sharon Parenteau and these have been your SMART Realty Solutions for this week.

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