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“How much do you think my home is worth?” This is one of
the questions I hear most often, and rightly so. And here’s the honest
answer.
The value of any residential property is based on three things:
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The amount the buyer is willing to pay.
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The amount the seller is willing to accept.
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The amount the appraiser says the house is worth.
My advice is to NEVER choose an agent based
on the price
the agent says the house is worth. There are agents in this business who
will express a high price, hoping that it is higher than the price told to
you by any other agent. If your home is priced way above fair market
value, it will not appraise. Your deal may then fall out of escrow or
require you to renegotiate the price when your time to sell is running
short.
Also beware that an experienced and unscrupulous buyer may
make a very high offer on your home in order to win the bid, knowing that he
can either renegotiate the price after the appraisal falls through, or
walk away from the deal.
For a residential property, an appraiser looks at a
Comparative Market Analysis (CMA) to determine a home’s value. You need to
see a Comparative Market Analysis, so you can consider some important
statistics about the value of your home, as you think about selling.
FREE to Orange County residents: To get a FREE Comparative Market Analysis
(CMA), simply complete
the form below. After speaking with you briefly about your home’s location
and condition, the CMA can be created and emailed to you. |
