Who Determines the Market Value of Your Home?

Dated: September 12 2019

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Your home should sell for top dollar: you live on a nice street, you have made several updates since you purchased it, and the local school district is certainly nothing to sneeze at.  Simply stated, it’s a great house in a highly sought-after neighborhood. In addition, you see the properties that have been coming and going recently in the surrounding area and nothing really compares to your house.

So, how do you determine what “top dollar” translates to as a number? Well, the first step is to seek the counsel of a trusted and vetted real estate agent whose level of expertise in the market is second to none.  This line is not meant to be seen as a shameless plug for my services although of course it can be (insert big smile here). I say this because a realtor’s job centers around current market conditions; they live and breathe real estate every day.  If you are experiencing symptoms of the flu, would you reach out to a friend or make an appointment with a doctor?

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A realtor will be able to show you comparable properties that have sold, expired, and are currently on the market in order to arrive at an informed, suggested list price.  The decision is yours (as the seller) to make based on this information, but the list price should not be an emotional, subjective number if the goal is to sell your home. The beautiful, top of the line pavers that you imported from Italy to line your walkway don’t directly equate to a higher asking price.  There are some renovations that do not add monetary value, but they hold personal value to you as the homeowner due to all of those wonderful memories stored in the memory banks and hanging on your walls. While remodeling kitchens and bathrooms correlate to a direct return on investment, it is highly unlikely that you will make back every penny you spend.

Ultimately, the market value of a property is determined by the market.  The real estate market follows a similar trend to that of the stock market in terms of supply and demand. If supply is low and demand is high, it is a seller’s market whereas the buyer benefits from the opposite scenario.

Now, here’s my shameless plug (insert chuckle here): If and when you are thinking about selling your property, it would be my pleasure to help by providing comparables to assist you with determining the market value of your home.

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Camilia Cielo

As cheesy as it may sound, one of Cami's all-time favorite quotes is partially to blame for her decision to become a real estate agent: "The best journey is the one that takes you home." Giving up a n....

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