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DETERMINING VALUE
A common definition of
market value is: "What a ready, willing and able buyer will pay." Market
value is NOT determined by what a seller needs to net from the sale
of his house.
There's a rule of
thumb that says: "A house priced more than 5% over market value
discourages offers." Buyers who can afford the price can get "more house"
for their money elsewhere. Buyers who cannot afford the price simply won't
look. This is why we say, "A house priced right is half sold."
A fair market value
will be determined by comparing your property with similar properties
which have recently sold and (in some cases) with similar properties
currently on the market. Experience in the industry has proven this
"market analysis" approach is more accurate than the "replacement cost" or
"potential rental income" methods.
Sample Net Sheet
Based on the sales price,
I'll prepare a worksheet that estimates the "net cash" from the sale.
Simply, this exercise subtracts anticipated charges paid by the seller
from the sales price.
What is the value of
your home?
Interested in finding out what your home's value is? Just click on
the link below and I'll e-mail you a report on recent sales in your
community.
Home Value Report |
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321 Main Street
Reisterstown, MD
410.833.5400 |