Probate Blog

Probate Blog

By Jory Blake- Probate Realtor

April 2014

 

 

Setting the Sales Price of the Property

 

The Value of Your Riverside-Corona-Norco-Eastvale Home

If you’re thinking about selling your Riverside-Corona-Norco-Eastvale home, you first need to know it’s value.There are 4 common ways to help determine your home’s sales price, but only one method is considered accurate.This blog overlooks all 4 options and explains how to determine the right option to make sure your Riverside-Corona-Norco-Eastvale home sells fast and for the highest price possible.

Four common ways to determine your home’s value are:

1. Comparative Market Analysis or CMA’s

Commonly referred to as “Comparative Market Analysis”, CMA’s is an examination of the sales price at which similar Riverside-Corona-Norco-Eastvale properties have been sold at. Real estate agents perform a comparative market analysis for their clients to help them determine a sales price to list when selling a home or a price to offer when buying a home.

 

2. Internet Estimators 

There are a number of internet websites that offer home estimators to help you determine the value of your house. Some common websites that help get a good estimate on your house sales price are Zillow, Trulia, and Real Estate. These websites are not as accurate as a Real estate agents Comparative Market Analysis but they should help you determine an estimate on how much you should ask for you home.

For more professional help and advice to determine how much you should ask for your house give me a call and I will give you a more accurate price for your house.

 

3. Appraisals

An appraisal is the process of valuing your Riverside-Corona-Norco-Eastvale property.  Most appraisals are conducted by independent appraisers for banks to make sure your home really is worth the amount the buyer paid for it. The appraiser has a heavy personal and professional responsibility to be correct and accurate in opinions of your houses value.  

Unfortunately, many home appraisals these days are done by outside appraisers who don’t live in or know the Riverside-Corona-Norco-Eastvale area. Because of this, their appraisals often times are much lower than expected.  You can appeal low appraisals, but it’s a time-consuming and complicated process.

 

4. Fair Market Value

Fair market value is the amount for which real property or Personal Property would be sold in a voluntary transaction between a buyer and seller. The only real way to know the true market value ( Not necessarily the sales price) of your home is to put it on the market and sell it. You may believe your house is worth a lot of money but in real estate and economics, your house is only worth what someone else is willing to pay for it.

First thing you need to do to put your home on the market is to get a CMA to know how much people have paid for similar Riverside-Corona-Norco-Eastvale homes. Without a CMA, you are risking listing your home too low or too high. You want the most  accurate price for you home because if you list your house too low you will be throwing away money. But if you list too high, your house will sit on the market for months until people label your house as “something’s wrong with that” house. Once your house has a bad label, it will become extremely difficult to sell your home. You will most likely lose a lot of money and your buyer pool will have purchased another Riverside-Corona-Norco-Eastvale home.

Set the sales price just right on your home  the first time and you’ll sell it quickly — and for MORE money.

 

Read more from Jory Blake about home buying and home selling here:

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