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How Market Value is Determined!

How Market Value is Determined!

There are several things that determine the market value of homes.

The market value of your home is not:

What you have in the home

What you need out of it

What you want

What is appraised for

What you heard your neighbor’s home sold for

What the tax office says it’s worth

How much it’s insured for

Based on prices of homes where you are moving

The true market value of your home is…what a buyer is willing to pay for the property based on:

Today’s market

Today’s competition

Today’s financing

Today’s economic conditions

The buyer’s perception of the condition of the property

The location

Normal marketing time

Properties 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”?

By improving the condition dramatically

By offering good terms

By improving the way the home shows

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.

Buyer’s elimination- If it is being shown with no results, the buyers are fining better properties to buy and they are eliminating the property.