Now that you’ve decided to sell your home, you need to figure out your asking price. Because calculating market value can be complicated, use the guidance of a trained professional – your REALTOR®. First, if you price your home too low, you could potentially cheat yourself out of thousands of dollars. But next, if you price your home too high, potential buyers will look for a cheaper option. Finally, leaving your home on the market for too long could give it a bad reputation.
Your real estate professional will help choose a price that is neither too high, nor too low. In addition, the asking price should be accurate and fair. Your REALTOR® is familiar with the market and all of its changes. Take advantage of their knowledge and expertise.
What is Market Value?
Market value is the highest price that a willing buyer and seller, not under any compulsion or outside pressure, agree upon. Determined by outside influences, such as social and political factors, as well as the economy, market value is the price that your home should sell for in the current market. Your home’s fair market value depends on a number of other factors including, how it was built, its location, the condition it is in, the size of both the house and the property it sits on, as well as the price of other similar homes that have recently sold in your neighborhood.
The price you choose will also be determined by the tempo of the market, the public’s confidence in the current economy, and competition within the market. Ultimately, the market will determine the value of your home, not you, making the services of a trained professional who understands it and all of its complexities all the more worthwhile. Don’t hesitate to ask your REALTOR® any questions you may have – their knowledge could save you thousands of dollars.
Contact us today to set up your free market evaluation!