Are you thinking about selling your home but you're not sure what your home is worth? Let Roy assist you in establishing the right value for your home!
Fair Market Value by Roy Lopez
The fair market value of your home reflects historical values or comparable sales that have occurred within the last four to six months, as well as competing properties for sale that are similar (Supply and Demand). Pricing of your home may be affected by economic and political conditions, mortgage rates and costs to obtain those rates, seasonality, your motivation, terms of sale, property condition, and location.
Appraisers are mostly concerned about the historical information and if the property is in a depreciating area or neighborhood. They will consider the prior distressed sales and may use those as comparables adjusting for condition and concessions. New rules effective in 2009 restricts the comparable the appraiser may use to match historical values to your home. It is my responsibility to extrapolate the other components affecting value and determine how they affect the price of your home. The historical prices of homes sold are then compared to market price demand and supply and then establish a pricing range depending on the location of your home. Appraisers MUST confirm that your historical values are in sync with the market value. Depending if it's declining market or appreciating market, the value must match that criteria, and appropriately match the purchase price on the purchaser's contract.
Realtors do not establish the ultimate price of what a home will sell for, it’s determined by the market demand and supply. Realtor’s primary function is to suggest a realistic price for your home and implement the marketing plan to achieve a sale of your home.
Additional information is available upon request. Please email or call me with your questions and I will gladly answer your questions. Thank you!
303-888-7800 or direct line 303-967-2681, or email roy@roylopez.com