Determining Market Value

The market value of your home is determined in several ways:

The market value of your home is NOT:

• What you have in the home
• What you need out of it
• What you want
• What it appraised for
• What you heard your neighbor’s sold for
• What the tax office says its worth
• What it would cost to replace it
• 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
• Based on today’s competition
• Based on today’s financing
• Based on today’s economic conditions
• Based on the buyer’s perception of the condition of the property
• Based on the location
• 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”?

• 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 market 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.