One of the most difficult challenges for Real Estate professionals in our area is determining the market value of someone’s home. Why is our area different than other markets, the reason is for the most part, it is rare that when we look at a house that is very similar to the house next door. That’s because we live in a rural community, where houses in the same neighbor are often quite different. It is only when we look at homes within a housing development, which we then find similar houses to compare to. What a potential seller needs to remember is that a brokers evaluation or an appraisal is not an exact science, it is however an opinion of value. The key ingredient is that it needs to be supported by facts. Local and active Real Estate Brokers also have a handle on market conditions, which will without a doubt impact values. There are other factors often overlooked when the time comes to decide on the asking price. In addition to reviewing the comparables that have sold, you should always ask to see the active listings that your broker or agent feel would be you competition, these are the homes that will be visited on the same day the potential buyers come to your home. How will you home stack up? How long have these other properties been on the market? Ask your agents why they feel those properties haven’t sold? Why do some homes sell quickly, while others linger on the market? The answer very often is that when homes are realistically priced, savvy consumers react quickly. Good luck!
