What Is The Market Value?
Through the eyes of a buyer
The market value of your property is NOT:
1. What you have in it.
2. What you need out of it.
3. What you owe against it.
4. What you want.
5. What it appraised for.
6. What your neighbor’s house sold for.
7. What the county assessor says it is worth.
8. How much it is insured for.
9. Your memories and treasures.
10. The price of homes where you are moving.
The market value of your property is ‘what a buyer is willing to pay’ & ‘what you’re willing to sell’ based on:
1. Today’s market conditions.
2. Today’s competition and the buyer’s other choices.
3. Today’s interest rates and financing terms.
4. Today’s economic condition (design pref of buyers).
5. The buyer’s perception of the physical condition.
6. The location.
7. Normal marketing time.
8. Showing accessibility.
On a scale of 1 – 10...
Properties that are the “10’s” are the ones selling in today’s market. How can your property be a “10”?
1. By improving the economic condition (design preferences).
2. By improving the physical condition.
3. By improving the way the property shows (staging).
4. By offering attractive terms – financing, closing, possession, inclusions.
5. By pricing so you are near the “front of the line”.
As a Seller, you control:
1. Whether you want to sell the property.
2. The asking price.
3. The terms – financing, closing, possession, inclusions.
4. The condition of the property.
5. Access to the property.
As a Seller, you DO NOT control:
1. Market conditions – supply and demand.
2. Interest rates.
3. The location.
4. The motivation (pricing & condition) of your competition.
5. The motivation and capability of buyers.