Charlottesville Real Estate Talk

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Talking Charlottesville Real Estate - What Is Fair Market Value

When you are selling a Charlottesville home one of the terms you hear a lot is fair market value. But what exactly is meant by fair market value and how is it determined?sold home

Fair market value is the price a qualified buyer will spend to buy your home. 

Fair market value is not

  • How much your home is assessed for
  • How much you need to sell your home for to pay off your mortgage
  • How much your next door neighbor's home sold for
  • How much you need to get inorder to buy the next home you want

If you want to sell your home in todays market, it is crucial to price it correctly.  Price is the most important determining factor as to whether your home will sell.  When your home is at the correct price, offers will come.  If you are serious about selling your home, it is helpful to have the assistance of a qualified real estate professional to assist you with setting the price.

 

 

4 comments • Pam Dent - REALTOR Charlottesville Virginia Homes and Horse Farms • November 19 2010 09:55PM

Charlottesville Real Estate Talk - Pricing Your Home Correctlly

Pricing your home correctly will be the most important thing you can do to ensure that your home will be one of the ones that sells.

Yes I said one of the ones that sells.  They don't all sell.  And in this buyers market price, condition, and location are the factors that are driving sales and price is number one.  Every day when I look at the hot sheet I see a long list of price reductions.  The only problem is that it is often too little too late.  These listings are simply following the market down.  In a buyers market prices are going down monthly, therefore if you initially price your home too high, even if you reduce the price a little each month you are probably remaining too high.

One thing we are seeing is that when the price is correct, homes are getting shown and offers are coming in.  People are searching on the internet by price and as soon as a property is priced so that it looks like a good deal they are requesting showings. 

If you are considering putting your home on the market, you will benefit from the advice of a Realtor as to what is the best price for your particular home.

 

 

0 comments • Pam Dent - REALTOR Charlottesville Virginia Homes and Horse Farms • June 24 2010 10:10PM