When you put your property for sale, the task of selecting a price that is entirely realistic and in accordance with the existing market values in your region will help you ensure that your home will be sold swiftly and for the greatest price possible in the market. When you properly price your residential property, you significantly increase the likelihood that the offers you entertain will be close to your asking price, as well as setting the stage for the possibility of attracting competing offers: the spiralling bidding over asking price that so many sellers dream of, but few ever experience.
Long-term real estate statistics show that your home has the highest chance of selling in the first seven weeks it is offered for sale on the market. The longer a house sits on the market after seven weeks, the lower the price it will sell for.
Understanding the Local Market Dynamics:
Knowing if your area’s market is a Seller’s Market, a Buyer’s Market, or a Balanced Market is vital information that can help you determine the exact market worth for your house. Although many reports on real estate values are issued on a regular basis, they cannot replace the knowledge, experience, and insight of a real estate professional who intimately understands the local market dynamics and, therefore, can arrive at a very accurate fair market value for your residential property in conjunction with other associated professionals such as appraisers and careful analysis of comparable properties in your community.
The fundamental and most important real estate factor is always location, location, location. The closeness of your residential property to attractive amenities and services, such as parks, schools, malls, recreational areas, and public transit, may make or break the sale. In cities, there are cycles in which some neighbourhoods become “trendy,” causing property values to increase. It is not uncommon for two comparable properties located only a dozen streets apart to command prices that differ by as much as 25%! Keep an eye out for the future as well. If there are any planned projects in the neighbourhood, this can have a significant impact on property prices, whether favourable or bad.
The Factors That Influence Fair Market Value:
The size, age, style, layout, and overall building quality are all physical and structural elements that influence the fair market value of your property. Because curb appeal is so crucial, the form, size, landscaping, and seclusion of the lot may all be major determining factors in home pricing.
The existing state of the property also has a significant impact on the price it may get on the market. To optimise market value, the key infrastructure features such as HVAC, electricity, plumbing, and other vital systems must be in good working condition, and the cosmetic aspects of both the interior and exterior must be at their utmost best.
