WHAT DETERMINES PROPERTY VALUE?
The market approach is based on the premise that a prudent person will pay no more for a property than it would cost to purchase a comparable substitute.
Competitive Listing and Sale Prices:
To form an opinion of value, an agent from Samson Properties will analyze current listings and sale prices of similar homes in your area. He or she will consider properties that have recently sold, are currently for sale, or were offered for sale but did not sell. Although none of these properties is identical to yours, only those that have a high degree of similarity are noted in this report.
An agent from Samson Properties can prepare a detailed description of your property and an estimate of the selling price range in today's market. This is known as the comparative or competitive market value of a property.
Times are changing and you’re thinking about moving the family into a new home. But before you start searching for your next dream home, you’ll need to figure out when you’re going to sell your existing home. The decision is a complex one, especially considering the unpredictable economic environment you’re living in. And while there’s no magic formula for determining the best time to sell a home, there are several factors you should consider.
The wrong time to sell
This likely won’t come as a big surprise: you should avoid selling your home during the winter holiday season. Tensions run high during the holidays and budgets run low. The result? No one’s really itching to buy, and offers that do come in are often low. So as a general rule of thumb, avoid the months of December and January when selling a home.
The best season for selling
Conventional wisdom dictates that spring is the best time to sell a home. In spring, the holidays have passed, the new school year is still a while away, and gardens and other outdoor spaces tend to look their best. And while spring is the season that sees the largest amount of buyers, it’s also the season when inventories are highest. This means lots of competition, so if you’re going to sell in spring, you really need to get your property to stand out with effective marketing and staging.
The best day for selling
According to research, Thursday is the best day of the week to list your home for sale. By listing your home for sale on a Thursday, you can make it available immediately for weekend showings. Come Saturday – the busiest day for real estate – your home will have only been on sale for two days, which is great for attracting full-price offers. In general, the shorter amount of time your home remains on the market, the higher the offer you’ll receive.
STAYING CURRENT WITH MARKET VALUE
Once your property has been listed, your Samson Properties agent will continually collect and review updated information to monitor the offering price. Observations may include:
- Professional opinions.
- Industry (broker) response.
- Buyer reaction.
- Current market conditions.
- Competing properties.
- Availability of financing.
- Number of showings.
- Length of time on the market.
- Interest rates.
- Condition of the property.
- Seller motivation.
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 the owners want or need from the transaction.
- What friends, neighbors, or relatives say a property is worth.
FACTORS THAT AFFECT A PROPERTY’S VALUE
- Style, condition, age, decor.
- Time of year.
- Property and neighborhood.
- How quickly the seller needs to sell.
- Competitive Pricing: The Pricing of Choice
- 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.
HERE ARE THE FACTORS THAT WILL DETERMINE PRICE RANGE
- Your property: its strongest selling points.
- The competition: the asking prices of other homes for sale in your area.
- Successful sales: the actual sales prices of home in your area.
- The expired listings: homes offered for sale that did not sell.