Your Home’s True Market Value:

I am asked to evaluate people’s homes every week. Some are just curious, others like to be kept informed of local market trends and their own values and many are seriously beginning to think of selling their home. Most owners are not surprised at the general price range their home might sell in. However, some expect to hear a higher value than what an objective analysis concludes.

It may be helpful to keep in mind that the market value of your home is NOT:

What you have in it

What you need out of it

What you want it to be

What it appraised for in refinancing

What your neighbor’s house sold for

How much your neighbor’s

house is listed at

What the tax office says it is worth

How much it is insured for

Based on memories and treasures

Based on prices of homes where

you are moving

The highest list price suggested by

one of the agents you are interviewing

The true market value of your home is what a buyer is willing to pay:

Based on today’s market

Based on today’s competition

Based on today’s financing

Based on today’s economic condition

Based on the buyer’s perception of the home’s condition

Based on location

Based on normal marketing time

Based on showing accessibility

For those thinking about selling someday, the homes that will sell are those that:

Are well-priced at the start of

marketing

Are properly prepared before

showings begin

Are substantially in good condition, or

are perceived as excellent investment

value “fixers”

Are well and thoroughly marketed

As a final reminder, there are items both inside and outside of a seller’s control:

You control the price you ask

You control the condition of the

property

You control access to the property

for showings, inspections, etc.

You don’t control market conditions

You don’t control the motivation of

your competition

You don’t control value

Michael Edlen provides real estate counseling services to prospective buyers

be reached at 310.230.7373 or Michael@MichaelEdlen.com.