Grand Rapids Market Analysis
Find out what your home or condo is worth in today’s seller’s market.
Grand Rapids Home Evaluation
WHAT IS MARKET VALUE? – “Fair market value” means the amount of money that a well-informed buyer is willing to pay and a well-informed seller is willing to accept for property in an open and competitive market. House prices throughout the country fluctuate significantly from city to city and from neighborhood to neighborhood. Therefore, whenever you determine the market value of one particular house, you must compare it only with similar houses in the same or nearby neighborhoods.
WHY HAVE A REALTOR PERFORM A MARKET ANALYSIS? – If you are thinking of selling, had your home for sale and it expired or are currently selling privately, it’s important to know the true MARKET VALUE of your home. You can pay several hundred dollars for an appraiser to come in and do the exact same thing that I am offering to you for FREE. Remember that an appraisal is an opinion only.
HOW DO YOU ARRIVE AT “FAIR MARKET VALUE”? – There are several factors that are taken into consideration when pricing a home;
1) Location: You can’t get away from this one. If your house is located in a desirable area that is in demand, you will be able to get a higher price than you can for the same house in a less desirable area.
2) Condition: A house that has been better maintained and shows better will always sell for more than one that has had deferred (neglected) maintenance and needs work. (TOP PRICE DEMANDS TOP CONDITION)
3) Desirable Amenities: If a house has amenities that are currently popular in the marketplace, it will bring a higher price.
IMPORTANT: – I can’t stress enough how important it is to have your house accurately priced! Our local market is currently in a seller’s market mode. That means that there are not as many homes for sale in proportion to motivated, qualified buyers. Over-pricing your home at this time can cause it to sit on the market month after month and I can tell you that it is a very frustrating experience for you and your family. No amount of marketing will sell an overpriced house.