How do you determine value in real estate?
At the end of the day, if I’m sitting down with a home seller, we’re going to compare the features and benefits of your property with the features and benefits of similar homes that are currently on the market or have recently sold.
For example, if I’m sitting down with a seller who has a two-story home, and a competing listing is a single-story, there will be more demand for the single-story. Why? People are getting older, and a single-floor plan is more amenable. Homes with views and open floor plans are also very popular. The landscape of the backyard can also affect value.
The value of your home in any marketplace is based on who you are competing with. There is also the matter of how many buyers are out there looking. Before I meet with an owner, I’ll call the competing listings in escrow and ask them things like whether or not they got full price, if they got multiple offers, and how long they stayed listed.
There are many variables that affect value, but it’s important to remember that anomalies aren’t one of them. For instance, if you live in a neighborhood where all the homes have been selling for $600,000 and suddenly one sells for $650,000, that doesn’t mean yours is now worth $650,000.
If you have any questions about values, don’t hesitate to call us. On average, we get over 99% of the price we list our homes for. We can’t wait to speak with you.
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If you are a buyer contact Lindsey right away so you can position yourself to be an attractive buyer to a seller
If you are a seller thinking of selling please contact us for tips on what else you can do to ensure the process goes as smooth as possible.