: Pricing Your Home : Who
Sets The Price? Market Value’ is defined as the price that a ready, willing and able Buyer will pay and a ready, willing and able Seller will accept for a property. Real estate agents do not set or control the price of homes. Our role is limited to providing current market data and information and assisting our buyers and sellers in analyzing that data so they can each make informed decisions about pricing. In general, qualified Buyers are not motivated to see or attempt to purchase homes that are overpriced and agents are not likely to show an overpriced listing. If you are a motivated Seller, pricing must be within market limits in order to expose your home to willing Buyers- if they do not see your home they cannot make an offer. Today’s Buyer will not knowingly pay too much for a home. They will shop carefully and evaluate potential homes for value, as compared to other available homes within their price range. Today, we find that the average buyer will view ten homes before making an offer. It is not uncommon for a Buyer to ask their agent to prepare a comparative market analysis on a property that they are seriously considering. If a Buyer is obtaining
a new loan, the agreed upon sales price must be substantiated by the
market. A professional appraiser will be hired to carefully evaluate
the property and establish fair market value. If the Buyer’s loan
is not approved due to a low appraisal then the sale falls through and
your property must be put back on the market. |