When selling your home, its value is determined by one thing--what a qualified buyer is willing to pay for it. No more and no less. Your insurance replacement value, appraised value or tax assessed value is worthless. Your insurance agent, appraiser or tax assessor is typically not going to buy your home. It is what a reasonable buyer thinks your home is worth that will ultimately determine if your home will sell. Realtors and Appraisers all look at the same MLS sold listings (typically over the last 6 months) to determine how a property should be listed.
Now, some of you may say, "Not all homes are the same." And you are right! It is an apples and oranges debate. Not all 3bd 2bth homes are priced the same. Size of property, amenities, location and other issues are relevant. I advise my clients to look over MLS Listings for comparable properties, and suggest they take the time to visit properties similar to their own, before pricing their property competitively for the market. Well priced properties sell in any market!
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1 comment:
This makes a lot of sense. Friends tell me what they think their property is worth and I always wondered what they based that on.
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