Carson Foreclosure
How To Determine Your Home’s Market Value : Tips From Local Real Estate Agent Richard Campbell
How To Determine Your Home’s Market Value : Tips From Local Real Estate Agent
Richard M. Campbell
The main reason many home sellers seem to falter in today’s Carson Valley Real Estate Market is a relatively simple one to resolve; pricing. Pricing a home is probably the single most critical things an agent and seller must accomplish if they are going to compete in today’s market. In this buyer’s market, competition from short sales and foreclosures (which comprise the majority of the market) is strong, and an overpriced listing will simply not sell! You see, the market value of any home has actually already been determined by the current market, my job as your real estate agent is to help you discover what that current value is by analyzing both the current market and recent sales of comparable homes in your area.
Although it makes for interesting conversation, a home’s current market value is not based on how much the home sold for originally, or how much the current mortgages add up to, or how much it will be worth in two years if the market changes. The current market value of any product or service is simply what a ready and willing buyer is willing to pay a likewise motivated seller today.
As a real estate agent in the Carson Valley it is very easy to determine which homes are overpriced by glancing at the cumulative days that the home has been on the market. This is also one of the first things a buyer asks me when we are looking at a perspective purchase, how long has it been on the market? Although a short sale or foreclosure home often takes longer, a normal sale of a well priced home in the Carson Valley NV Real Estate Market should take no longer than about 3 to 4 months from the date of the initial listing. When a buyer sees a home that has been on the market for 6 months or they usually conclude that it is over-priced. Particularly if a similar house down the street, recently sold for less.
If a home is overpriced, the seller and their agent will subsequently find themselves in the position of “chasing the market” by enduring a series of price reductions. Another downside of an overpriced listing is that buyers who qualify for funding in the price-range of the listed price, may not ever even look at the home because it is priced higher than they can afford.
The first 30-days a home is on the market is what I like to call “the golden period” for the sale of a home. The golden period is the time that a well marketed home will receive the most showings and attention from perspective buyers and real estate agents. This is the period when you want every prospective buyer in your price range to see your home. It is also the time period that you want to pull in every real estate agent and broker to view the home. Accurate pricing will make it much more likely that it will be seen by the right buyers, the ones most likely to want to purchase it!.
So what is a “comparative market analysis? It’s simply a process of comparing recently sold homes of comparative size and construction to the subject property, compensating for different features between the two so a fair market price can be arrived at for the subject property. It’s a process that is very similar to a home appraisal without quite as much detail and best of all, it is free! Of course a written appraisal from a licensed appraiser is a nice thing to have too and usually only costs around $350 which is pretty cheap insurance when selling an asset as large as a home. Together, a written appraisal and a CMA will carry a lot of weight with the general home buying public, and they are a strong statement that a seller has done his or her homework to ensure that the homes asking price is based on facts rather than emotion. Let’s get started today!
For free CMA, please visit my website at: www.premiernevadahomes.com or email me at: richard@premiernevadahomes.com. I can also be reached at (775) 901-0761.
About the Author
Currently licensed in Nevada, Richard lives in Minden where he and his wife also own Cheshire Antiques. Having raised his two daugters in Lake Tahoe, Richard has a unique perspective on the Carson Valley and surrounding areas.
Carson Foreclosures, FANNIE Owned Home for Sale – 24713 Marine Ave, 90745
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