How Do You Determine the Value of My Home?
Buyers comparison shop today when buying a home. In fact due to the internet, buyers have more access than ever to information to determine the value of your home. They'll not only be looking at the asking prices of homes in your market but also the selling prices of recent homes. You should be doing the
The best way to determine the current value of your home is to have a licensed REALTOR perform a Comparative Market Analysis. There are three categories of home prices that should be used to determine the best sales price for your home.
1. Active Listings - These are the current homes for sale in your neighborhood or market.
2. Closed Home Sales - These are the homes that have most recently sold in your neighborhood or market.
3. Expired Listings - These are homes whose listing expired in your neighborhood becaus e t hey did not sell.
In a normal selling market, your home should be priced at the top of the most recent closed sales and at the bottom of the homes currently for sale. If you price at the same price where other homes expired, then your home will remain on the market and eventually will expire as well.
To receive the best sales price for your home in the least amount of time, you must price your home at market value from the beginning.
Remember, your REALTOR's job is to sell your home not price it. He doesn't determine the value of your home--the market does. Similarly, the best marketing and exposure in the world won't sell an over-priced home.
The Competitive Market Analysis gives you the reality of the market so you can make an informed decision.
Market trends will definitely influence your pricing strategy. The worst thing you can do is price your home high in a declining market. The result will be that your home will stay on the market for a very long time.
Sellers will often price their home in relation to what they paid for it. Don't make this mistake. There is absolutely no relationship between the price you paid for your home and the current market value.
If you are looking to sell your Nashville property and would like to receive your free Competitive Market Analysis, please contact Tammie White at (615) 495-0752.
Or use the form below to let us know you'd like some assistance in valuing your home.
The information you provide below will be kept confidential and will not be used for any other purpose.
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