The simple answer is that it’s worth what a ready, willing and able buyer will pay for it.
So how do I know what a buyer is willing to pay?
The best analysis of your property’s current market value is from an appraiser or one of our professional Realtors here at Morgan Realty in Thayer. We know the market and understand trends in our local market because we look at properties and analyze the values every day. Not only do we have access to the statistics of comparable properties, we also have the ability to critically analyze the differences in the quality of finishes, amenities, land, characteristics and the value of the location of the property.
Overpricing a property can result in fewer buyers looking at the property, leading to a longer time on the market. In this situation, a property may sell at a lower price than if it had been priced correctly from the start.
Underpricing a property can create a higher demand the property may sell more quickly, but it may also leave you with a smaller equity.
Correctly pricing a property gives you the best exposure to the buyers, and allows you to maximize your equity, and sell within a reasonable time frame. If you are thinking of selling and would like to know your properties value in today’s market, please contact us.