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When homeowners start thinking about selling, the first thing they want to know is, “How much can I sell my house for?” Your real estate agent's task is determining the fair market value with a range of prices from low to high. The spread between the two values typical is not large and only leaves a little wiggle room for the seller to negotiate.
The challenge is that there is no one value for a home on the resale market. Several values go into determining the number. These can include the assessed value (what the local government taxes it on), the appraised value (what a certified and licensed appraiser determines it's worth), the market value (this can go up or down depending on supply and demand) and what the owner needs from it in order to move to the next place. Even among appraisers, the same house might have several different values depending on what that appraiser noted; although, they’re usually fairly close.
When a homeowner has a price in mind that they’ll sell for, it may come from several factors:
A professional real estate agent may give you an estimate of the market value of your home within a range. These numbers come from comparable residences in similar condition, homes that sold recently and the prices of homes on the agent’s MLS. Additionally, if the agent knows that a bidding war might happen, they’ll factor that into the suggested price too.
There are several reasons that overpricing your home might hinder a sale. Here are the main ones:
If you need to sell your home quickly, and for top dollar, trust your real estate professional to guide you in setting the price.
I Live Here - I Work Here- I Love It Here! With 30 years’ experience buying and selling homes in San Antonio, Jennifer knows this market well and is ready to share her knowledge and expertise to serve you – whether you’re buying your first home, downsizing and selling your family home, or investing. As a Certified Pricing Strategy Advisor she can help you Sell or Buy you home at the right price.