If you are trying to figure out what your home is worth, you likely already know that the size of the home, the condition of the home, and recent home sales and comparable comps can all affect how much your home is worth. However, there are many other factors that can affect your Toronto home worth as well. Here are three of the lesser-known factors that can have an effect on the value of your home. 

Supply and Demand in Your Area

One of the factors that can have a huge effect on how much your Toronto home is worth is supply and demand in your local area. The more homes that are on the market, the more homes buyers have to select from. This typically causes prices of homes to decline, as sellers compete to get their homes sold. On the flip side, if there are few homes for sale, demand may be high for homes, and they often increase in value. 

Current Interest Rates

Most people do not realize that current interest rates affect the value of their homes. As a general rule of thumb, when interest rates are higher, home values are slightly lower. This is because buyers now have to pay more in interest, and as such, may get approved for slightly less home. When interest rates are lower, home values generally tend to slightly creep up. While you cannot control interest rates, these rates do play a factor in home value. 

Elements Near Your Home

The final lesser-known factor that has an effect on how much your Toronto home is worth is elements near your home. If you live on a busy street, if your home backs up to railroad tracks, or if your home backs up to a retail center, your home value can decrease. If your home backs up to a nature preserve or a piece of land that cannot be built on, your home value increases. Overall, the elements that surround your home can reduce or increase the home's value. 

Determining how much your Toronto home is worth can be complicated, as there are many factors that affect pricing. If you are trying to figure out how much your home is worth, consulting with a local real estate agent and/or having your home assessed by a professional home assessor are the two best ways to determine how much your home may be at a given point in time. However, the market is always changing and home prices fluctuate.

Overall, your home can go up or down in value, and it is important to understand that the price a real estate agent or assessor values your home at is just an estimate that may change. Therefore, if you're wondering, "how much is my Toronto house worth?" contact a real estate service to learn more.