What Is My Home Worth?

The basic laws of supply and demand greatly impact what a buyer is willing to pay for property and the amount financial institutions or lenders are willing to finance.

 

Factors That Do Not Affect a Property’s Value:

  • What the owners paid when they built or bought the property
  • Some of the improvements and upgrades the owners have made to the property
  • The cash proceeds that the owners want or need from the transaction
  • What friends, neighbors or relatives say a property is worth

 

Factors That Do Affect a Property’s Value:

  • Location
  • Style, condition, age, décor
  • Current market values
  • Time of year
  • How quickly the seller needs to sell

 

Competitive Pricing

The probability of receiving an acceptable offer on your property and completing a sale diminishes significantly when your asking price is higher than the current market value.

 

The Dangers of Overpricing

  • An asking price that is beyond market range can adversely affect the marketing of a property.
  • Fewer buyers are attracted and fewer offers received
  • Marketing time is prolonged and initial marketing momentum is lost
  • If a property does sell above true market value, it may not appraise, and the buyers may not be able to secure a loan
  • The property may eventually sell below market value
Contact  a C. Dan Joyner real estate agent to help you determine the correct price for your home.