What is my house worth?
There are two possible ways to answer that question.
The value of your property is determined based on sales of similar properties over the last 6 months. Adjustments are made based on listed differences and an value of the property is determined. An appraisal is usually done when the property is sold to assure the lender that the value of the property is within the parameters of the loan.
Market Analysis
A Market Analysis is done to determine what price the property should be marketed at to sell. Just like an appraisal, a Market Analysis looks at sales of similar properties over the last 6 months, however other factors are considered.
Current Real Estate Market Conditions
What are interest rates like now compared to 6 months ago? What other properties will buyers in that price range be looking at? If you are going to be selling a property you should consider what the potential pool of buyers will be able to choose from.
Marketability
Does the property show well? Are there factors that can improve the possible appeal to buyers? Is there a high demand for this type of property right now? All of these factors need to be considered as part of a Market Analysis.
Motivation
A motivated seller may want to list his property at a lower price to reduce the time on the market. A market analysis will give a seller a better feel for what price the property needs to be at to sell within the time needed.
If you have determined it's time to sell Contact the agents at Coldwell Banker Pro IV and one of them will prepare a Market Analysis for you to help determine the best way to get your property sold.
MN 55069
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