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Step 1: Know the market I field sticky questions every day. High up on the list of the trickiest, however, is one of the most common: what is this house worth?
Market value is not an absolute value. It is affected by, among other things, general and local market conditions, property location, environment, use and condition. Ultimately, the value of a property is determined by whatever price an unbiased buyer is willing to pay for it. In my role as an advisor to buyers and sellers of real estate, I make educated guesses as to the likely price I would expect a buyer to offer. However, the price that a buyer and seller ultimately agree to is in fact the only objective valuation we have.
With a careful study of surrounding and comparable properties, I can help paint a clearer picture of what you will be able to buy within your pre-approved price range. Often, I will send to clients listings for everything that has sold in the targeted areas in their price range so we have a good frame of reference. I will also counsel you as to available and expected inventory and current market times for your ideal property type in that price range. Armed with this information, we will better be able to strategize for your given situation so that when you're ready to make an offer, you will be the strongest, most educated buyer in the marketplace.
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