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Determining Your Home's Value

Before you sell your home, it'll be valued by

 

Party to Transaction

Method to Value

Tools Used

Concern
The REALTOR REALTORs value property based on current trends. MLS, County Records Too high and no one shows up at the open house, too low and too many people show up
The Seller Based on what they want. Their Agent,
AVM Sites
Make Sure they aren't leaving money on the table
The Buyer Based on closed comps and their experience on bidding on other properties. Their Agent,
AVM Sites
Make sure they aren't overpaying, if it doesn't appraise it could jeopardize the transaction.
The Appraiser Appraisers value property based on historic data. MLS, County Records To ensure bank's the property is worth what you are paying for it.
 

Whether you are buying, selling or refinancing, you want to know what your home will appraise for by the lender. This is important because if a home is sold for more than it'll appraise for, the buyer will have to make up the difference or the seller will have to lower the price to close the deal.

The buyer's lender will hire a licensed appraiser to determine your homes value. Appraisers select recently closed comparables in close proximity to your home and make adjustments based on location differences, views, condition, etc. to arrive at an appraised value. Another cheap and easy way to get an idea of a property's value is an AVM (Automated Valuation Method) which uses a statistical approach to arrive at an estimated value. 

Appraisal Value vs. Realtor's Opinion of Value
The Appraiser's value of the property is based on historic data. REALTORs value property based on current trends. If prices are rising a REALTOR will encourage you to price higher, if they are flat we'll encourage you to price according to the last sale, and if prices are dropping, we'll ask you to be aggressive there as well. If you've decided to sell, the biggest mistake you can make is pricing a based on what you want vs. what will make it sell. Call me if you'd like an honest opinion on the value of your home. That is what your home would most likely sell for in this market. Sellers and Buyers should not rely on an AVM's value, as a computer does not notice the physical variances between properties, or aware of current market dynamics.

I see too many clients select an agent who'll tell them it'll sell for a price higher than the market trend, simply because the agent has agreed to sell it for the price the client has in mind. This can only end with future price reductions and a longer selling time. Instead, select an agent that presents the data to show what a home like yours is currently selling for and what it can realistically sell for. You'll save money, time and stress by selling your home faster.

 

Taking You Forward
 

Sunil Sethi RE| Property Search | Our Listings | Neighborhoods | Home Value | School Info | Property Tax | Resources | Our Blog | Contact Us

Fremont Real Estate Firm

Fremont's Best Real Estate Firm, Helping Clients Sell and Buy Their Dream Homes.
Helping Families Sell Homes  Associated with Great Schools. We can help you Sell your Home

SUNIL SETHI
REALTOR, Broker,
President, MBA, CPA (inactive)




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