Serving South Florida
Areas of Eastern
Fort Lauderdale
and the Beach
NOW INTRODUCING
Equity Sharing
Home Ownership for
The 21st Century
Knowledge is the Map to Greater Wealth,
Real Estate is the Easiest Path.
Leveraging through Financing will take you on that Path the Quickest!

Home Sellers Interactive System

Hello, I'm Your Virtual Real Estate Agent™

Just Call Me Virtual

Determining Market Value

There are two facts which make the determination of Market Value a complicated process.
The first is that each property is unique in the combination of location, condition, style and size.
The second is that each individual's reception of importance to the above factors, is different.

One man's castle is another man's cottage.

Fortunately, there are usually many individuals who have similar perceptions. The key is to make the list price of your property enticing to the most number of buyers in relation to the other like properties on the market. Yes that is a mouthful and a mind twister also. Thankfully it is possible to analyze the market and like properties to determine a range most likely to be effective. Rather than go into a long winded explanation here I have listed some of the major factors involved.

Your Property Value is determined by:

  1. Market Conditions
    1. Supply and Demand. Number of available properties verses the number of buyers for a particular type property. Currently we are in a High Supply, Medium Demand market. i.e.
    2. Financing Availability. Although rates have increased some, they are still reasonable. The availability is still strong.
    3. Local Economy. Our Economy is strong and growing.
  2. Curb Appeal. The overall condition and appeal can set one property above another
  3. Location. Always the most important factor.

By analyzing recently sold and available like properties we are able to determine the ranges most likely to be effective.

Your Property Value is Not determined by:

  1. A Lender or Tax Appraisal.
  2. Rumors of what a similar property sold for. Exaggeration of financial matters is almost human nature.
  3. Insured Value?
  4. Amount Invested in property. It is easy to over-improve a property for it's location. For example, in a 1950 era neighborhood in which most houses have only been moderately maintained, you would not even be able to recoup expenses to double the size and upgrade to top of the line amenities. If you did the same thing on an ocean front home, you could double or triple the amount invested.
  5. Amount of mortgage owed on property.

How you make your Home a “10” in the Marketplace

  1. Make it sparkle. Clean everything as much as possible both inside and out.
  2. Make as many of any needed repairs as possible.
  3. Paint. The front door is most important but fresh paint on the inside and out increases appeal.
  4. Make the yard as neat as possible. Keep grass mowed and hedges trimmed. Put out mulch in flower beds.
  5. Remove as much clutter as possible. Go through and either throw away, have a yard sale or put extra possessions in storage. You want prospective buyers to be able to visualize their possessions in the home.
  6. Make sure every light fixture has a bulb and that it works. Dark areas are a turn off to most.
  7. Get a vanilla air freshener. Vanilla is a universal good smell which puts people in a relaxed mood.
  8. If you have a pool make sure it is well maintained and clean.
  9. Price is to be competitive with other similar properties.

Warning Signs that the Property is not priced or Conditioned Properly

  1. If Realtors are not showing your home; it is being eliminated because of price or condition.
  2. If buyers are being shown the property but are not making offers, they are finding other properties which they believe are a better value.
  3. You are only receiving offers much lower than your listing price. This usually means they like the home but are not willing to meet the list price.

Some of the downside of overpricing:

  1. Lowered agent and buyer response. Buyer's Agents are constantly comparing the available homes to determine the ones to show their buyers. If, in their comparisons, they eliminate your property even once, they will not look at it for any following comparisons.
  2. Increases risk of appraisal problems when you do find a buyer.
  3. Limits financing options.
  4. Lengthens marketing time. Increases frustrations during showings.
  5. Can reduce net profits. Research has shown that if a property sells within 30 days, it usually sells for, near or above asking price. If it sells from 30-75 days it will on average sell for 5% less than asking price. From 75-180 days the average is 6.5% below asking price. Over 180 days it drops to more than 10% below asking price.

Next Step:  Sellers Proceeds.

Call us at:
954-566-3225

Specific Questions
Use this link for answers to your questions by email.

Free Market Analysis.
This will provide you with a good Idea of Your Value.

Detailed Market Analysis.
When You are ready to list your property with Us.