Skip To Content

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.