Price Price Price
Is Price, Price, Price, more important the Location, Location, Location, in our St George Real Estate market? It is my belief that price is the great equalizer. In other words if your house is located in a poor location, you can reduce the price to a point where someone will be interested. The St George Real Estate market, like most market areas across the country is constantly changing. As the inventory of homes for sale goes up negotiating power for buyers does also. The more competition there is when you decide to sell your home the less power you may have in holding out for a little higher price. If your home is looking its best, and basically meets everything to be a Gold Star Property, the only thing left to do is adjust the price.
St George Real Estate Area New Home Construction
One factor that can contribute to the difficulty of a person selling their home in the St George Real Estate market is the abundance of new homes available. In some locations when a person is trying to decide if they should buy an existing home of 2300 square feet in size priced at $280,000. They might also be considering a brand new home that is 2000 square feet for $280,000. It is true that bigger is usually better, and more is also good, but how good, and how much better? Many people will choose the brand new home, even though it is a little smaller. This makes comparing a new construction to an existing home difficult. It is also important to understand that new homes are priced by the builder according to how much it cost to build the home.
Appraisal Of Homes
When appraisers in the St George Real Estate market area determine the value of a home, they take a lot of factors in to consideration. There are also several methods that can be used to arrive at the appraised value. The method that some real estate agents use in the square foot estimate. This is a quick way to get a rough idea about what a home might sell for. This approach uses similar homes that have sold to the home being considered for sale. The comparable homes for this research come from our local MLS (Multiple Listing Service). This database tracks homes that are bought and sold using a real estate agent in the St George real estate market. Real Estate appraisers use the same database and frequently call real estate agents for more information about homes that they have sold.
What I Am Not Saying
What I am not saying is that real estate agents are not licensed to determine fair market value. The term fair market value is reserved only for real estate appraisers in the St George real estate market. What I am saying is that agents and appraisers use a lot of the same data. Typically agents and appraisers are pretty close in price the home is sold for, compared to the appraised price. When the appraised price comes in a little lower than the sold for price, many times both parties are able to make concessions and finish the transaction.
Price Price Price Summary
When an agent lists a home fora person that wants to sell their home, the agent doesn’t actually set the price. The home seller in the St George Real Estate market is the person that decides what price they will sell for. The listing agents job is to help the seller get as much for their home as they can possibly get. The listing agents job is to provide enough data and comparable homes for the seller to make a wise decision. The sellers will typically rely on the listing agent for advice, but the ultimate decision is the home owners.
