How Do You Determine the Value of My Home?

By
Real Estate Agent with Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net TN License #315195

How do you determine the value of my home?

Buyers comparison shop today when buying a home. In fact due to the internet, buyers have more access than ever to information to determine the value of your home. They'll not only be looking at the asking prices of homes in your market but also the selling prices of recent homes. You should be doing the same. 

The best way to determine the current value of your home is to have a licensed REALTOR perform a Comparative Market Analysis. There are three categories of home prices that should be used to determine the best sales price for your home.

1. Active Listings - These are the current homes for sale in your neighborhood or market.

2. Closed Home Sales - These are the homes that have most recently sold in your neighborhood or market.

3. Expired Listings - These are homes whose listing expired in your neighborhood because they did not sell.

In a normal selling market, your home should be priced at the top of the most recent closed sales and at the bottom of the homes currently for sale. If you price at the same price where other homes expired, then your home will remain on the market and eventually will expire as well.

To receive the best sales price for your home in the least amount of time, you must price your home at market value from the beginning.

Remember, your REALTOR's job is to sell your home not price it.Pricing Your Nashville Property He doesn't determine the value of your home--the market does. Similarly, the best marketing and exposure in the world won't sell an over-priced home.

The Comparative Market Analysis gives you the reality of the market so you can make an informed decision.

Market trends will definitely influence your pricing strategy. The worst thing you can do is price your home high in a declining market. The result will be that your home will stay on the market for a very long time.

Sellers will often price their home in relation to what they paid for it. Don't make this mistake. There is absolutely no relationship between the price you paid for your home and the current market value.

If you are looking to sell your Nashville property and would like to receive your free Comparative Market Analysis, please contact Tammie White at (615) 495-0752.

 

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Copyright © 2011 By Tammie White, All Rights Reserved.*How Do You Determine the Value of My Home*
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Tammie White, REALTOR®
TW Realty Group
Benchmark Realty LLC
318 Seaboard Lane
Franklin TN 37067
(615) 495-0752 Direct
Email: Tammie@TWRealtyGroup.net
 
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Benchmark Realty LLC. Any party who uses this material without the permission of Tammie White is subject to copyright infringement and possible lawsuit.
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Rainmaker
314,427
Karen Feltman
Relocation Specialist
Cedar Rapids/Iowa City, IA Skogman Realty

I think that the pending listings are more telling of where the market is truly going, even more so than the current active listings.  Especially the days on the market for those pending listings.  I use sold data that is no more than 60 days back, if there are no sold comparables in the immediate area, I choose another area that is similar.  Too much can change in a couple of months, so going back further for sold comparables does not always make sense.  I do not really use the expired listings at all, but if there is a high occurence of them, I could see where you might want to consider them after gauging their condition. Great information!

January 13, 2011 07:26 PM
Ambassador
1,073,763
Tammie White
TW Realty Group, Franklin TN
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net

Corinne - Sellers here expect that we're going to look at the active listings. That doesn't necessarily mean where we'll price it. It usually shows us where we don't want to price it. If the seller is looking to price his home at $350,000 and his neighbor with a similar home is priced at $350,000 and has been for 262 days, that's not where we want to be. In terms of the sold comps, I don't have a problem with the number of sold comps as much as I do with when they sold. A comp that is more than 60 days old, doesn't really help much.

Karen - If pending sales are available, they do give us a good indication. Unfortunately, pending sales aren't always available.

January 13, 2011 09:10 PM
Rainer
152,048
Jim Shaw
Real Estate Sales Associate, Naples Luxury Real Estate
Premiere Plus Realty Co.

Great post Tammie,

How do you treat distressed sales in the CMA?

 

 

January 14, 2011 08:26 AM
Rainer
93,733
Vince McEveety
Gilleran Griffin Realty

thanks for the post

a lot of great ideas and thoughts

cheers to you

January 14, 2011 01:24 PM
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Tammie White
TW Realty Group, Franklin TN
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net

Jim - We're not experiencing a whole lot of distressed sales in this market so the condition of the property usually plays a factor. Obviously, if you have a lot of distressed sales in a neighborhood that is going to effect the value.

Vince - Thanks for stopping by.

January 14, 2011 01:49 PM
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Tammie White

TW Realty Group, Franklin TN
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Franklin TN Homes Real Estate Blog by Tammie White of Benchmark Realty LLC is a Great Place For Real Estate Agents and Potential Buyers and Sellers to get to know more about Franklin TN Homes as well as other parts of Williamson County. Locations of visitors to this page