Understanding Market Value
What would you do if you were going to sell your car? Probably, you’d check to see out how similar vehicles are priced to yours and then you’d set your advertised price within that range.
What you’d do, perhaps without knowing it, is to determine your car’s “market value. ”
The market value is simply what buyers are prepared and willing to pay for a specific product today.
When you plan to sell your house, one of the first things you and your real estate professional do is to evaluate your property’s market value. This is very important to consider because if you price your home way too much than it’s market value, you will probably not receive any offers. Alternatively, if you price your property too low, it might get snapped up quickly, but you’ll have left a lot of money on the table.
How does a real estate professional help you determine your home’s current market value?
Your real estate professional will examine a variety of factors, such as the convenience of the area, the characteristics of your home, how well it has been maintained, the renovations and other significant improvements or changes you have made and, of course, most importantly its location.
Your real estate expert will also review what similar homes have recently been sold in your area– which is, perhaps, the most reliable indicator of current market value.
Once you find out the market value of your home, you can now decide on how to price it accordingly so that it will attract the right type of buyers and the best possible price.
If you price your home above its market value hoping that some careless buyer will purchase it? Unfortunately, that rarely happens.
The good thing is that your property might be worth more than you think it is. The best way to know this is to have the best real estate professional to do the assessment for you.
