Accurate Home Valuation – A Critical Selling Factor
The correct selling price of a home is the highest price that the current local real estate market will bear for a comparable home in the same community. To assist you in determining the correct asking price before you list your home for sale, we can provide you with a comprehensive market analysis, based on comparable properties that have recently sold and are currently offered for sale in your neighborhood. We also use local County Tax Assessor data about your property to assist with our analysis. If you eventually do decide to sell your home, of course we would love to have the opportunity to interview with you and list it, but the market analysis work we do is free, and with no obligation.
The Four Levels of Property Valuations (By Accuracy)
- Automated computer valuation from public data sources (Least Accurate)
- Mini CMA. An on line property valuation by a real estate professional – Request Now!
- Detailed CMA. A more accurate, detailed Comparative Market Analysis by a real estate professional
- Professional appraisal by licensed real estate appraiser (Most Accurate)
The Right Selling Price Affects Your Bottom Line
When you are selling your home, the price you set is a critical factor in the return you will receive. That’s why you need a professional market evaluation from an experienced Realtor. After a brief in-home visit, we can provide you with an honest and accurate assessment of your home’s market value, based on several factors, including:
- Current local real estate market conditions
- The overall condition of your home and property
- Estimated costs of any repairs or improvements that may be needed
- Your selling motivation and time frame
In real estate terms, market value is the price at which a particular house, in its current condition, will sell within a reasonable amount of time, which in our current market, is 60 to 120 days. Of course, homes in better and highly desirable locations and in excellent condition generally sell faster than homes in less desirable areas or that are on poor condition.
Risks of Improper Valuation
If the price of your home is too high, several things could happen:
- Limits buyers. Potential buyers may not view your home, because they believe it would be out of their buying range.
- Limits showings. Other salespeople may be more reluctant to show your home. Realtors generally know what home values are in a particular community. If yours is obviously over priced, they will let their buyers know before wasting everyone’s time and energy.
- Used as leverage. Other agents may use this home’s over market pricing to recommend and sell comparable homes that are better priced.
- Extended time on market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this home sold?”.
- Lower selling price. An over priced home, still on the market beyond the average selling time, could lead to a lower selling price. To sell it, you will have to reduce the price, sometimes several times. In the end, you will probably get less than if it had been properly priced at the start.
- Wasted time and energy. A lender approved appraisal is most often required to finance a home. If you receive and accept an offer for an amount higher than the lender’s appraisal, the deal may fall through, or you may have to reduce the contract price to the appraisal value in order to complete the transaction.
Realtors have known it for years: Well maintained homes, properly priced in the beginning, always gets you the fastest sale for the best price! That’s why you need a licensed and experienced real estate agent to assist you in the selling of your home.