Property Value in Today’s Market
In my line of work, I have the privilege of knowing many real estate agents and have a network of realtors across the country. Recently, I listed and sold a home in the northeast and the property was sent to two top-notch agents named Mario and Cory. Geographically, the property was very close to Mario while Cory was farther away.
Mario found comparable sales supporting a $25,000.00 value and Cory found comparable sales supporting a $10,000.00 value. We listed this property with Mario and within a few days, there were multiple offers. Surprisingly, the highest offer was $35,000.00 and naturally, we accepted.
The point of the story is that today’s real estate market is unique and interesting!
If you are considering listing a property, here are a few things I have learned from my experience in selling several hundred homes per year in the United States.
Property values in most areas are rising quickly and many factors can affect the sale of a home that is not tangible such as:
- Shortage of homes for sale
- Possibility of future development or re-zoning
- Sentimental reasons (grandma’s childhood home, etc.)
Test the Market
Don’t be afraid to list a little high in today’s market. By the same token, be prepared to reduce the price if the home does not get any action in the first two weeks.
Make sure you are comfortable with your realtor and know that he/she has your best interest at heart. Let your agent know that you would like feedback and are willing to reduce the price to spark interest.
Side note: When a property listing is reduced, a hot sheet is usually generated by the MLS system which is available to all realtors in the geographical area.
Please call American Equity Funding at 1-800-874-2389 if I may assist you in any way.
President, American Equity Funding
A special thank you goes to Mario J. Tascon, Real Estate Broker, Tascon & Co. Real Estate Brokerage in Springfield, MA. (413) 657-6459