Determining Market Value
The market value of your home is determined in several ways...
The market value of your home is not:
1. What you have in the home
2. What you need out of it
3. What you want
4. What it appraised for
5. What you heard your neighbor’s home sold for
6. What the tax office says it’s worth
7. How much it’s insured for
8. Based on prices of homes where you are moving
9. What Zillow says it’s worth
The true market value of your home is… what a buyer is willing to pay for the property based on the number of competing homes:
1. Based on today’s market
2. Based on today’s competition
3. Based on today’s financing
4. Based on today’s economic conditions
5. Based on the buyer’s perception of the condition of the property
6. Based on the location
7. Based on normal marketing time
Property’s that sell in today’s market:
On a scale of 1-10 (“10” are the ones that are selling). How can your property be a “10”?
1. By improving the condition dramatically
2. By offering good terms
3. By improving the way the home shows
4. By adjusting the price
As you advance through your marketing period, you may observe some warnings:
Realtor elimination– if the realtors are not previewing it and do not show it, they are eliminating it.
Buyers elimination– if it is being shown with no results, the buyers are finding better properties to buy and they are eliminating the property.