The Truth
October 9th, 2008 Sharon Merritt
Some days it appears the real estate market is picking up. The first of this week is one of those times. I wonder if my belief that we are at the bottom of the declining market communicates nonverbally and brings me phone calls. In the last two days I have received three referrals and all three were told the same thing, Sharon will tell you the truth. Wow, what a compliment. Do you want to know the truth about what your home is really worth? Check out your subdivision sold comparables. If there is a sale of a home similar to yours that was not a foreclosure or short sale, that closed during the last 90 days, you have a very good comparable. You may be able to easily determine a range of value based on that sale. In addition to the sales price, condition of the home and layout of the lot, other things to consider include days on market and seller concessions. However, there is not much selling and you may have to determine value based on old sales, or sales in other subdivisions, or sales of homes very different from yours. Ususally you can look at sold comparables from years past and determine the value your subdivision has for various features, including basements, bonus rooms and fenced yards. In this declining market we are hearing figures of homes depreciating 17% to 20%, but this has not been my observation. As always, I would consider it an honor to talk with you about your personal real estate goals.
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