Getting Market Value
Professional appraisers sum up their entire body of knowledge in three words...
"Buyers Determine Value"
This process generally begins with a determination of a reasonable asking price. The purpose of the Comparative Market Analysis is to determine the value of your home in the eyes of the buyer. As your real estate agent, I can give you current information on what is happening in the marketplace, the location, condition, and price of competing properties and recent sales. Motivation and price are the only issues in selling homes today. Click here for your FREE Market Analysis.
When listing your property for sale, do yourself a favor and tell your agent that you trust their professional opinion regarding price. This will allow your agent to be candid with you, which can mean selling your home at market value now instead of several months from now. Most agents simply don’t want to tell the seller the true value of the home if it’s obvious the seller wants more than it’s worth. By allowing your agent to be completely honest with you, you’ll save time and money. Consider the market analysis carefully with your agent… The numbers should make just as much sense to you as they do to your agent and the appraiser.
Remember! Your home is worth as much as someone is willing to pay for it. Sometimes the home is simply worth more to the seller than it is to the buying public. If the property has been on the market for more than a 4-5 weeks, you've been given a clear message that the property may not be worth what you're asking for it. This is particularly true if there haven't been many prospects coming to see it. What you do at that point depends on whether you really need to sell, and whether you're working with a time limit. If you're not really motivated to move soon, you can always wait - years if necessary - and hope inflation will catch up with the price you want. The problem is that in that time, your home begins to feel shopworn. Buyers become suspicious of a house that's been for sale for a long time. If, however, you really do need to sell, your agent should understand the marketplace well enough to price it right. There's no point in saying "We simply can't sell our house." Anything will sell if the price is right.