It’s Worth What Someone Is Willing to Pay for It
Posted on June 1, 2017
This is one of the hardest lessons to learn, for both real estate agents and buyers and sellers: in a temperamental market, listing price doesn’t really matter.
Some agents list Fort Walton, Destin, and 30A homes for sale too high to appease the owner. Some list low in hopes of getting a ton of offers. The fact is, at any given time based on market trends, a home is worth much more, or much less, than its listing price. Ultimately, a property’s worth is subjective.
The good news for buyers is you can toss out most of the advice from friends and family, according to Inman.com, making it easier to hone in on exactly what you want, and what it takes to get it. This removes a whole lot of uncertainty and missed opportunity from the home buying process.
Inman advises you to look for homes that are “10-15% under” your maximum budget, so you have room to counter other offers.
Knowing how long a home has been on the market, whether a seller is motivated, and how much you’re willing to spend to get into the home of your dreams is more important than the list price.
For sellers, this is also a good thing. Maybe you agreed to a list price on your home after hearing about comparable properties in your neighborhood. Yet the housing shortage combined with an extreme influx of buyers, means you could receive multiple offers above the asking price. Inman frames it like this: “the last few comparable sales prices don’t matter as much as the price they’ll need to pay to get the home they currently want.”
In today’s housing market, the professional advice of a realtor is invaluable. You want one with experience and vision. Talk to Brad Shoults today about real estate in Northwest Florida.
Posted in: Real Estate Market |Tagged: Buyer and Seller Tips, What's my home worth?.