Before I begin today’s market report, be sure to save the date and join us on December 7 at 9 a.m. for our 19th Annual Movie Event, where we’ll be watching "Frozen 2". Bring your kids!
Now for the market stats:
We had a few more sales and pendings this past September than we did a year before. That means we still see some homes with good value and amenities getting multiple offers – it’s clear that there’s still demand for those homes.
And yet, there are homes that would have sold six months ago but, for whatever reason, won’t now. We’re now having to make price adjustments because of some feature or other, or because the demand has simply dropped off.
Overall, we’re in pretty much a normal market. Instead of a home selling in six days, it might take two or three months for the average home to sell.
Moving on: How do we determine the market value of a home?
This is a big topic on peoples’ minds when it comes to buying or selling houses. There are four ways that we can determine a home’s value:
1. Appraised value. An appraiser is a professional whose job it is to study the market and determine a home’s value by estimating how much they think a buyer would pay for it in a normal market.
2. Assessed value. The assessed value is what the county assessor puts on your home, and is usually not related to market value.
3. The seller’s estimation. Often, homeowners think that their home is worth more than it might actually be.
4. The buyer’s estimation. To come up with an estimation of a home’s value, they look at the features and benefits of your property and compare them to the features of other, similar homes in the area that are for sale or have recently sold. What features buyers look at specifically can change by the day.
In the end, home values are what buyers are willing to pay for a home, and if the seller accepts that offer, that will set the home’s value. Since there are so many factors at play, we have to monitor the market to stay on top of what home values are doing.
If you have questions about your specific market area or you’d like to discuss your home’s value, please reach out to me. We’d love to help you.