I love it when I get this question! I've seen many homes that are for sale and not getting any showings and I've seen homes that were sold in 1 hour. When I go online and see that the agenthas putin the notes," this home is priced $10,000 under appraised value", I just have to laugh. Does it get showing? YES! But, does it get offers? That really depends if the buyers see the value in the home. If you owna home in a very hot area that people are lining up in, the homes may only last a hour or two, they don't care what the appraised value is. They will be willing to pay any price to live in that neighborhood.
When I do a CMA (Comparative Market Analysis) I look at the homes that have sold recently in the market. How does it compare to the home I am trying to sell? How many bedrooms does it have compared to the neighbors? How many bathrooms does it have? What is the square footage? Then the last thing I check is how long the homes were on the market. This gives me a good average for the price of your home.
The true value of a home is what a willing seller will take and what a willing buyer will pay. That is the true value of your home and how much it is worth. Are Realtors always right? NO! But, According to a 2006 study, Realtors got 17% more for similar sized homes in the same neighborhood than For Sale by Owners did selling their home on their own. It is like at Christmas when there is a limited supply of items and everyone wants it, they are willing to pay more. This is why Realtors can get you more than if you sold on your own. They bring a steady line of buyers,and the more people want it, the more people will bid on it, driving the price up.
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