Determining Market Value
If you're planning on putting your home on the market, determining your asking price is one of the most important decisions you will make. Arriving at a price that is competitive with the local market, will ensure your house moves in a timely manner and meets your financial needs can be a complicated process, this is why most sellers seek the guidance of a trained professional. A REALTOR® can help you arrive at an asking price that is accurate and fair. This will ensure you do not price your home too low, potentially leaving thousands of dollars on the table, or price it to high, leaving buyers looking for a home more reasonably priced. The object is to choose a price that is neither too high, nor too low. Your REALTOR® is familiar with the market and all of its changes. Take advantage of their knowledge and expertise.
What is Market Value?
Fair market value in real estate transactions is the price that a buyer is willing, but is not under any duty, to pay for a particular property to an owner who is willing, but not obligated, to sell. Your home's fair market value depends on a number of other factors including, how it was built, its location, the condition it is in, the size of both the house and the property it sits on, as well as the price of other similar homes that have recently sold in your neighborhood. You should also factor in the current, the public's confidence in the current economy, and competition within the market. Ultimately, the market will determine the value of your home, not you, making the services of a trained professional who understands the market and all of its complexities all the more worthwhile. Don't hesitate to ask your REALTOR® any questions you may have - their knowledge could save you thousands of dollars.