The value of a house goes up and down, similar to other commodities.  Value is determined by what a buyer is willing to pay. This doesn't mean that the seller will agree to any price that is offered.  There are many factors that affect value/price, including the following:  

location

convenience to major highways, shopping, work, zoned for good schools, etc.

neighborhood

active HOA, how well neighbors keep up their homes, available  amenities,  etc.

condition

homes needing major repairs fall at the low end of market value, homes in great condition at the high end

age

older homes usually cost less, unless they have been updated and well maintained

size

total price for smaller homes usually lower, but $/SQF is usually higher

competition

prices of comparable properties in proximity to the subject

seller motivation

discretionary move vs. forced to move by job transfer, inability to make payments, etc.

An appraisal is a value at a particular point in time; local appraisals are currently good for only 30 days. They are based on the selling price of properties in the vicinity that sold in the last six months; currently active properties are taken into consideration as well in determining value.

Your Realtor can help you look at comparable homes to see what the selling price has been in that neighborhood in the last six months and what the current competition is asking.  When looking at homes that have sold, compare their size (SQF), condition and amenities to the one you are considering to determine value. 

If you know of anyone who's thinking about buying or selling a home in Tallahassee, I'll be happy to give them the information and guidance they need to make a smart move.

Colleen McConnell, CRS, Broker-Associate
www.Tallyhouse.com
2344 Centerville Rd, Suite 105, Tallahassee, FL 32308

Advanced Realty

 
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3 Comments on What You Need to Know About Value to get a Good Deal

MAY
24
2010
565,033 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Excellent information, Colleen.  I think of your list, the two I feel weigh in the most are condition and motivation.  Thanks!
10:24am • #1
161,176 Points 5 Featured Posts

Motivation can definitely make or break a sale.
10:29am • #2
MAY
26
2010
1 Featured Post Outside Blog

The basics are so important in the Big Picture ... thanks for sharing.
12:02am • #3


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