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Saturday, August 18, 2012

What is the value of my home?

What is the value of my home?  This is usually the first question those contemplating selling their Brevard County, Florida home will ask me.  When some find out I am a Brevard County, Florida real estate agent they may ask that question in a more casual way just out of curiosity.

Whatever the reason behind the question I always ask for for clarification as there are different interpretations of “value?”

Some see a neighbor’s house on the market and assume that is the value of their home.  The listing (asking) price of anything is usually not its value.

When one is asking in the context of selling their home there are a few different “values” to consider.
  • One is the value to the homeowner.  This may not be a realistic figure.  This may have a lot of sentimental value converted to dollars. 
  • There is the market value which is what someone will pay who wants to buy your home.  Notice this is not what a seller paid for the home or paid for any improvements.  Sure they may influence the market value but cost is not he same.
  • There is an appraised valueRegardless of the offer price, if the buyer is going to get a mortgage your home’s appraised value will be a major factor in obtaining a lender’s laon approval.
  • Another consideration could be the current use as a home or, in some cases, potential uses in another form such as rezoning for commercial or office space.  This can result in a couple of different values.
So, what is the value of my home?  In its most simple terms the question really will come down to….

Is the seller's value close to the buyer’s value?

Considering selling your Viera, Suntree or Rockledge, Florida home?   This may be the time to make the move to a larger home before prices climb again. (They will eventually).

Call me for your free market analysis.

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