Determining Property Value
Competitive Listing and Sale Prices:
Staying Current with Market Value
Once your property has been listed, your Samson Properties agent will continually collect and review updated information to monitor the offering price. Observations may include:
- Professional opinions.
- Industry (broker) response.
- Buyer reaction.
- Current market conditions.
- Competing properties.
- Availability of financing.
- Number of showings.
- Length of time on the market.
- Interest rates.
- Condition of the property.
- Seller motivation.
Factors that Do Not Affect a Property's Value
- What the owners paid when they built or bought the property.
- Some of the improvements and upgrades the owners have made to the property.
- The cash proceeds the owners want or need from the transaction.
- What friends, neighbors, or relatives say a property is worth.
Factors that Do Affect a Property's Value
- Style, condition, age, decor.
- Time of year.
- Property and neighborhood.
- How quickly seller needs to sell.
- Competitive Pricing: The Pricing of Choice
- The probability of receiving an acceptable offer on your property and completing a sale diminishes significantly when your asking price is higher than the current market value.
Here are the factors that will determine price range:
Your property: its strongest selling points.
The competition: the asking prices of other homes for sale in your area.
Successful sales: the actual sales prices of home in your area.
The expired listings: homes offered for sale that did not sell.