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How do I value my property?
To fully answer that question one must keep in mind that ‘value’ is subjective. By subjective we mean that one individual may think some thing is worth more than another individual. Because of this, the term "fair market value" was established. Fair market value is the amount that a willing buyer will pay and a seller will accept.

How do I establish "fair market value"?
That is a multi-faceted question requiring effort and is best answered by a qualified real estate appraiser. However, by taking a little time and using a few tools, you can determine an approximate value which allows you to become a more informed consumer. Using the list of comparables sales, attached to the property profile, here is the process we suggest:

  • Identify the properties that are most ‘similar’ to the property you wish to value.
  • Review Square footage (it should be near the square footage of the property you wish to value).
  • Review the number of bedrooms and bathrooms (each should be roughly the same number as the property you wish to value).
  • Review the size of the lot (it should be approximately the lot size of the property you wish to value).
    Mark the properties, among these identified ‘similar’ comparables, that are in neighborhoods most like the property you wish to value.
  • Seeing the properties may be necessary, evaluate which properties, among these comparables, have a quality of appearance and overall condition similar to your chosen property (consider: paint, roofing, landscaping and style).
  • List the transfer values of those properties and use that range of values as an indicator of your ‘estimated fair market value’.

Try DataQuick Home Sale Price Trends

The quickest way to identify the current market trend for a ZIP Code. Monthly median sales prices are available for the previous 13 months for single-family homes.

Keep in mind that the value of your home and the willingness of a buyer to pay that price…isn’t based on the cost of construction or the amount you paid for it. Instead, it’s determined by the market conditions in your neighborhood at the time you want to sell.

What Is Market Value?

Market Value is defined by the courts as the highest price which a property will bring if offered for sale on the open market, allowing a reasonable time to find a buyer who buys with full knowledge of all the uses of the property. It is frequently referred to as the price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.

How Is Market Value Determined?

To arrive at a realistic asking price for your home, most Realtors will prepare a Comparative Market Analysis Report for your home. It takes into consideration current market conditions, neighborhood influences and specific selling factors of your home to determine a suggested Fair Market Value. The method used for residential real estate is called MARKET APPROACH. It is based on the premises that a prudent person will pay no more for a property than it would cost to purchase a comparable substitute. The use of this approach involves the comparison of your property with others of similar design and use, which have recently sold or are currently for sale.

Dangers of Overpricing Your Home

  • It Will Take Longer To Sell.
  • Buyers aware of this long period of exposure are hesitant to buy, fearful that there is something wrong with the home.
  • You Will Have Fewer Showings.
  • Buyers buy by comparison, so homes not comparing favorably with those the buyers have inspected do NOT sell.
  • You Will Receive Lower Offers.
  • A buyer is more likely to make a full price offer on a home that is priced right before making a low offer on a home that is priced TOO high.
  • Your Property Will Help Sell Other Properties.
  • Over-pricing tends to force buyers who could buy in your area look elsewhere.

How to Determine The Price?

Most appraisers and Realtors use a minimum of six comparable properties to determine an asking price. You can hire an appraiser or have one of our team members do an analysis for you in 24 hrs - click here. We will need to know the full address of the property, your name and email. Nothing else!