Asking Price is NOT Market Value

Posted by Brad Officer on Thursday, December 9th, 2010 at 7:08pm.

Question of the Week:   How much is my home worth?

Every week I get this question, and my response is almost always less than the owners anticipated.  It's very easy to look up all the asking prices within a neighborhood, but those are asking prices only. A property is only worth what buyers are willing to pay, and they usually aren't paying the asking price.

Asking Price is NOT Market Value!

Right now, I see asking price vs. sold price being 2 totally different numbers in most neighborhoods throughout Jacksonville and Ponte Vedra.   It's up to the real estate agents to advise the home owner on pricing appropriately, but it's disturbing of how many over priced homes are on the market.

"Maybe someone will just fall in love with the home and it's exactly what they've been searching for", some Home Owners have said when discussing over-pricing their home for sale.

My response: If we were lucky enough to find the 1 guy on the planet that is willing to over pay for a house in the worst real estate market since the great depression, the chances are his bank wouldn't let him get a mortgage because the home still has to appraise at the purchase price.  (I've said this exact phrase no less than 50 times in 2010).

So how much is my Jacksonville home worth?

Here is how much your home is worth:  Take the market average of homes in your neighborhood that have sold in the last 60-120 days.  If those homes are similar to your home, your home is worth that average + or - a little.

If your home has any of these items it may NOT bring any more money in the sale, but it will help sell the home faster:

  • Better lot
  • Better upgrades
  • Cleaner
  • Custom landscaping
  • Favorable customizations

When you are ready to sell your Jacksonville or Ponte Vedra house, work with a professional who can get the home marketed appropriately, who can give you real world guidance, and who can get the home sold:  Meet Brad.

Thank you in advance for Sharing!

 

Give us a call at 904-234-5196 if we can help you buy or sell real estate in Jacksonville, FL.

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Listing information last updated on September 15th, 2019 at 5:38am EDT.