(BETHESDA REAL ESTATE) When a buyer looks at a home, they look at all the factors: foreclosures, distressed sales, bankruptcies, divorces, and area market fluctuations. All too often sellers mistake the appraisal value of their home as what a diligent buyer would pay. An appraisal is an opinion of value for an entirely different purpose than selling your home - often to provide a bank information to fund a loan.
If a lender is motivated to loan you money, his appraisal may come in higher than the true market value of your property. The appraiser might ignore other issues in his analysis, such as foreclosures in the market or distressed sales. Thus the real picture of the market is clouded by an overly optimistic assessment.
Many sellers use the appraised value of their home in order to justify the selling price they set. Many times, this approach overprices the home, thus taking longer to sell and accruing unneeded interest expenses and loss of profit.
The "true" price of a home is what a motivated buyer is willing to pay and what a motivated seller is willing to take - nothing more. That is market price.
A market analysis will take into account the current sales, active listings, those homes under contract as well as what has failed to sell. Through this detailed analysis the correct price range for your home emerges. Condition and access are closely tied to the correct pricing to then get your home sold for the most the market will pay!
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