Market Value…What is it?
Market value is determined when a property sells. It is the price a Seller is willingto sell for, and a Buyer is willing to pay, for a particular property on a particular date. There are 4 methods to help determine market value:
- Tax Assessment
- Replacement Cost
- Comparative Market Analysis
A Comparative Market Analysis (CMA) is provided by Your Realtor and includes data on properties similar to yours which are currently for sale, as well as similar properties which have recently sold. This data is compiled to give you a “Market Value” range.
Control…How much do you have?
There are 4 things that affect the sale of your property:
You control 3 of these. While location will influence the market value and marketability of your property, it is beyond your control, as are the overall market conditions and number of properties which are your competition.
- The terms of your contract
- The physical condition
- The listing price