Local Buying Tips

Local Buying Tips

Whether you're gearing up to buy or sell, it's important to understand how home pricing works.

The list price. The list price is a seller's advertised price, or asking price, for a home. “This price is a rough estimate of what the seller wants to complete a home sale.”  A seller can price high, low – which does not happen very often – or very close to what they hope to get.
A good way to determine if the list price is a fair one is to look at the sales prices of similar homes that have recently sold in the area.

The sales price. The sales price is the actual amount for which a home sells.  This number is reached after the buyer and seller negotiate, and therefore, it can differ from the original listing price.

Appraised value. A certified appraiser who is trained to provide the estimated value of a home determines its appraised value. The appraised value is based on comparable sales, the condition of the property, and several other factors. It is rare that a home will appraise for more than its agreed upon purchase price.  It is important to work with a Realtor to review comparables together to determine a fair list price and a realistic purchase price.

Market value. Market value is the price the house will bring at a given point in time, once the buyer and seller establish a “meeting of the minds” on price.

Each home therefore is unique in itself, and requires an educated assessment of value.  An experienced real estate agent famiiar with current market status is an invaluable asset to selling your home in the shortest amount of time for the highest price!  Contact Jeri Hess, 619-204-8866 (text, call) or email at JeriHess@cox.net.