Wendy Haglin - Real Estate in Saint Louis
Wendy Haglin
314 910 3410314 910 3410

FRIDAY FOCUS – How to Determine the True Value of a Property.

A home is worth whatever a buyer is willing to pay and a seller is willing to accept. An experienced, busy real estate broker, knows best how to determine the true value of a property because they are working with buyers and sellers in the current real estate market, and they have access to the best data (from the MLS). They will also correctly adjust for quality and feature differences.
The second best valuation source is an experienced, busy appraiser. They have access to the same data, but they work for banks, not buyers and sellers. In addition, they are constrained by inflexible appraisal rules which do not allow them to consider some relevant information and comparable properties.home sold

Inexperienced real estate brokers and appraisers can be wildly inaccurate. Web sites like Zillow.com calculate market values without the input from human experience or judgment and they use incomplete data from county tax records. The “value” found in the county tax records is not useful, because it is calculated for the purposes of property tax assessment. Further, in this area, this number is updated only once every few years.

Even in a challenging market, you could find yourself competing against another buyer for a low-priced property. The listing agent is prohibited from disclosing details of any offers received, so she will ask both buyers to return with their “best and highest offer”. She will then choose one buyer with whom to negotiate a final agreement acceptable to the seller. When considering your offer price, ask yourself, “If we lose this property at this price, will I regret not offering more?” If so, you might want to increase your offer. Conversely, ask yourself “If we get this property at this price, will we regret paying that much?” If so, consider decreasing your offer. Rarely will the other buyer offer more than list price, so if you feel the property is a bargain, consider offering just a little over list price. Even $100 over can create goodwill with the seller and get the property for you. Finally, offering to close in less than 30 days may be very attractive to some sellers, especially if it is a bank-owned property.

Have a great weekend

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About Wendy Haglin

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Wendy Haglin

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