Determining the Value of Your Home
DEFINITION OF MARKET VALUE
Market Value is the highest price estimated in terms of money which a property will bring if exposed for sale on the open market allowing a reasonable time to find a buyer who buys with the knowledge of all the uses to which it is adapted and for which it is capable of being used. Frequently it is referred to as the price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.
The market ultimately determines the true value of your property. A clear understanding as to what determines market value will assist you in understanding how the MacDonald Property Group evaluates your home.
It would be very unprofessional for us or any other Realtor® to provide you with an analysis of your home on the first visit or over the phone. Without seeing your home, how can we fairly price it. That is why we set up an initial visit to view your home and take notes and than schedule a 2nd visit to discuss our analysis after we have had time to now compare your homes to others that have sold now that we have seen your home.
KEY ELEMENTS THAT NEED TO BE INITIALLY CONSIDERED
Before the MacDonald Property Group can compare your home to similar properties and establish a competitive list price, it is imperative that the following points be taken into consideration:
- Condition of Home and Showability
- Upgrades and updates
- Community Amenities
- Market Conditions ie: Buyers Market, Sellers Market, Stable Market
GETTING TO KNOW YOUR MARKET
The the MacDonald Property Group will prepare a comprehensive comparative market analysis which will help identify what today’s buyers may be willing to pay for your home. It compares the market activity of homes similar to yours in your neighborhood and will include details of:
- homes that have recently sold, which may represent what buyers are willing to pay;
- homes currently listed for sale that may compare to your home and could potentially be in competition with your home after you place it on the open market for sale and
- homes that have expired, which may have been caused as a direct result of overpricing or may have been caused as a direct result of the poor condition of the home or a combination of both.
The MacDonald Property Group will prepare a comparative market analysis for your home based on the most current market information. Together with you we will establish the proper list price for your home.