Comparative Market Explanation
The following will guide you to determine fair market value for your property and help you decide the proper listing strategy and pricing for your property.
Fair Market Value can be defined as:
The amount of money that would be paid for the property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses for the property with neither party being under pressure to buy or sell.
Effects of Overpricing
- You lose the initial impact derived when your home first comes on the market. Consequently, it will take longer to sell your home.
- You will generate fewer showings
- Your property will help sell competing properties in your price range
- You’ll have less of a chance to sell your home close to your asking price
Don't risk losing prospective buyers by improper pricing. Don't lose the advantage of the maximum exposure received during the first three weeks!
Determining Market Value
We will inspect and evaluate the subject property thoroughly. The purpose is to estimate fair market value and obtain the highest sales price in the shortest time.
The value of your home can be influenced by the following:
The price at which you are willing and ready to sell and an able buyer is willing and ready to pay.
A reasonable amount of time should be allocated to find a suitable purchaser.
The market conditions are impacted by the number of homes for sale, number of buyers and available financing from lending institutions.