What is Market Value?

Market Value can be very confusing to many people.... The true Market Value of a home really comes down to what a buyer is willing to pay in a reasonable period of time!

So what IS Market Value based upon?

• Market Value is based on today's or the current market 
• Based on Today's Economic Condition
• Market Value is based on the competition
• Based on today's financing
• Based on the buyer's perception of the condition 
• Based on location ( a home in one city might have a different market value in a different city/town/ state or even neighborhood)
• Based on "normal" marketing time

The Market Value of your home IS NOT:

• What you have in it
• The sale price and the selling expenses added to the sale price
• What you need out of the sale of your home
• What you want
• What it previously appraised for
• What your neighbor's house sold for
• What the your assessed value is
• How much the home is insured for
• What the balance of your mortgage is
• Based on memories
• Based on home prices where you are moving

Location, Condition and Price are the three biggest factors when selling your home!  You can't change the location - it is what it is!  Condition - you have control over how you prepare your home for sale!  And Price!  You can control the price.  Don't get caught up in what you want out of it if it's unrealistic! 

So... what is the most important thing to do in order to get an offer on your home, in the most reasonable time frame?
PRICE IT RIGHT!  And keep in mind what Market Value is and isn't! 

And as always... if you or anyone you know is in need of real estate advice please give us a call!  We love referrals! They are the heart of our business!