Who Determines Home Value? Find Out Now! ð ð° Have you ever wondered, who really decides the value of your home? Is it the market? The appraiser? The buyer? The answer might surprise you! Understanding the factors that determine home value is essential, whether you’re selling, buying, or simply staying informed about the real estate market. Let’s dive into why home values have surged in recent years and break down the key differences between home price and home value. What is Home Value? Home value is the estimated worth of a property based on various factors, including location, size, condition, and market demand. It’s influenced by: Market Trends: Local real estate trends and buyer activity. Comparables (Comps): Recently sold homes with similar features. Appraisals: Professional evaluations... Read more
Category: Pricing Your Home
Why has your home not sold?
Current Real Estate Market: A Seller's Perspective In a real estate market where the inventory of available homes is markedly lower than in typical years, it's unusual for a property to remain unsold for an extended period. This section of the article provides an overview of the current market dynamics, emphasizing the unique position of sellers in what could be termed an "inventory desert." This backdrop sets the stage for understanding why a home might not be selling in a market that, by all accounts, should favor sellers. The Impact of Asking Price in a Sensitive Market The focal point here is the asking price of your property and its critical role in the current real estate market. With heightened mortgage rates affecting buyers' budgets,... Read more