market value: SETTING THE ASKING PRICE
- 08/04/17 07:27 AM
The selling-price to asking-price ratio is one of the most important statistics available about your real estate market. It is simply the percentage of the final asking price that is agreed in a contract. When it is calculated for a large number of home sales, the ratio is invaluable in determining what a home’s asking price should be, once the fair market value is known. The ratio tells how much "fat" is required in the asking price, on the average. Sellers and buyers alike usually are surprised to find the ratio is frequently well above 90%, even in markets that are … (0 comments)
market value: DON’T MISUSE TAX ASSESSMENTS
- 07/16/17 09:28 AM
Some are convinced that market values for homes can be somehow predicted from government tax assessments, not to be confused with professional appraisals. No doubt some of the confusion stems from the fact that assessment and appraisal both begin with the letter "A." Indeed, the stated goal of most local tax assessors is to assess in relation to market value. Of course, an average relationship between tax assessments and contract prices of recently sold homes can be calculated easily. But the idea that a government employee sitting in an office with some records and a computer can predict the market value … (2 comments)
market value: ANALYZING THE MARKET VALUE ANALYSIS GAME
- 06/25/17 05:29 AM
Many agents offer to perform a free market analysis for any prospective seller, or in fact any homeowner who requests one. If you have time to spare and are willing to make such an offer you will find some analysis recipients who will hire you to be their listing agent. This "get your foot in the door" approach can work. If you are a busy agent or do not have a lot of time to spare, you might defer performing the market analysis until after you have listed the property. Deferring the analysis can set you apart from other agents, can save … (0 comments)
market value: MARKET VALUE ANALYSIS - Get it right!
- 06/09/17 06:27 AM
In the “good old days” some of us might have presented sellers with a wad of printouts, offering a ration of verbiage about the expected price range. Some took a more direct approach and asked the seller what price he would like. Still others checked with the local tax assessor's office, deferring the decision on the home's value to the assessor. Nowadays it’s the AVM (automated value model) like Zillow. (See the AVM blog below.) None of these methods is satisfactory. You will need to prepare an "appraisal style" market value analysis. The first step in the process is finding three (or … (0 comments)
The selling-price to asking-price ratio is one of the most important statistics available about your real estate market. It is simply the percentage of the final asking price that is agreed in a contract. When it is calculated for a large number of home sales, the ratio is invaluable in determining what a home’s asking price should be, once the fair market value is known. The ratio tells how much "fat" is required in the asking price, on the average. Sellers and buyers alike usually are surprised to find the ratio is frequently well above 90%, even in markets that are … (0 comments)
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