No house is perfect, and the difference in the fair market value of similar houses normally reflects the current condition of that individual property. Some houses may have health and safety
REAL ESTATE MYTH #1
The longer it’s been on the market--the more negotiable the price…
There are many issues considered when setting a listing price and some of those are non-negotiable for some Sellers. If a Seller has a mortgage or other financial obligations tied to the property, they will have a solid bottom line. If the current market can’t produce the selling price they need, they may have no choice but let the listing expire and remain in the home until either the market or their financial position improves. In some cases a property is unique and a Seller may want to “test the market” but plan to sell, only if they can get a predetermined selling price. In some cases the Sellers may be financially unable to make repairs required for the property to be financeable. In these cases, the price may be negotiable but only for buyers who can pay cash or obtain a renovation loan.
The value of real estate fluctuates with the local economy, as well as personal preferences of those buying into your city or region. Whether you are planning to sell your current home and buy a new one, or you are a first-time buyer, your Realtor can prepare a comparative market analysis (CMA) for both the home you need to sell and the home you hope to buy. In preparing a CMA, your Realtor will review public and private data tracked by the local Multiple Listing Service, the county auditor, the National Association of Realtors, and United States Department of Housing and Urban Development. This will give you and your Realtor a range of what similar properties have sold for in that area in recent months, and indicate whether the area is currently trending up, down or remaining stable. Your Realtor will then compare the condition and updating of the sold properties and the subject property to determine which end of that range the subject property will likely sell. If you are buying, the CMA will also tell you and your agent if the listing agent and the Seller have priced the property at the high or low end of that range—or outside that range. Armed with this information you can make an informed decision about the “right” price to list your property for sale, or the “right” price to offer for the home you hope to purchase.
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As a professional full-time agent, my experience and resources allow me to provide you with the current market information necessary to reach your real estate goals. Whether you are looking for your ....