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    Determining Market Value

    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.