The MARKET Determines the Price!
Key elements affect the Comparative Market Analysis (CMA) that a REALTOR performs prior to listing your property for sale using SOLD similar properties in your neighborhood or area.
- Location
- Size of Home and Property (Land)
- Condition
- Characteristics and Features
- Improvements
The basis for valuation, however, is not what the seller thinks they "need" or "want" and not what the buyer even offers!
The APPRAISER (ordered by the Buyers lender)determines the value based on recent SOLD area comps of similar homes. Your Home must appraise at or above purchase price stated in the contract for the loan to close escrow.
The Market Determines the Price.
This past year we've experienced real estate closings in which the sellers who purchased their homes at the peak of the Real Estate Market several years back actually had to bring money to closing!
We continue to see some sellers upside down on equity in their home needing to "sell short" or list their home for sale subject to their lenders approval of a short sale.
Real Estate is a Local Business and not every market area has been affected the same way.
If you would like a complimentary CMA,
Determining the Value of Your Northwest Indiana Home Talk To Tucker-Indiana's Real Estate Leader
Thanks for stopping by and reading our Blog about Life in NW Indiana, The Housing Market, Communities, Local Sports, Events, attractions & more.
Sincerely,
Jeff & Grace Safrin, Broker / Owners
F.C.Tucker 1st Team Real Estate
13 Lincolnway Suite # 203
Valparaiso, IN 46383
Office # 219-309-9930
serving Lake, Porter, La Porte, Jasper, Newton & Starke Counties in NW Indiana
Independently Owned & Operated
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