Determing Property Value
DETERMINING PROPERTY VALUE
THE MARKET
The comparable market approach is based on the premise that a prudent person will pay no more for a property than it would cost to purchase a comparable substitute.
Competitive Listing and Sale Prices:
To form an opinion of value, we will analyze current listings and sale prices of similar homes in your area. We consider properties that have recently sold, are currently for sale, or were offered for sale but did not sell. Although none of these properties is identical to yours, only those that have a high degree of similarity are noted in this report.
Comparative Evaluation:
From this data, we prepare a detailed description of your property and an estimate of the selling price range in today's market. This is known as the comparative or competitive market value of property.
STAYING CURRENT WITH MARKET VALUE
Once your property has been listed, we will continually collect and review updated information to monitor the offering price. Observations may include:
- Professional opinions.
- Industry (broker) response.
- Buyer reaction.
- Current market conditions.
- Competing properties.
- Availability of financing.
- Number of showings.
- Length of time on the market.
- Interest rates.
- Condition of the property.
- Seller motivation.
FACTORS THAT DO NOT AFFECT A PROPERTY’S VALUE
- What the owners paid when they built or bought the property.
- Some of the improvements and upgrades the owners have made to the property.
- The cash proceeds the owners want or need from the transaction.
- What friends, neighbors, or relatives say a property is worth.
FACTORS THAT AFFECT A PROPERTY’S VALUE
- Style, condition, age, decor.
- Location.
- Time of year.
- Property and neighborhood.
- How quickly seller needs to sell.
- Competitive Pricing: The Pricing of Choice
- The probability of receiving an acceptable offer on your property and completing a sale diminishes significantly when your asking price is higher than the current market value.
HERE ARE THE FACTORS THAT WILL DETERMINE PRICE RANGE
- Your property: its strongest selling points.
- The competition: the asking prices of other homes for sale in your area.
- Successful sales: the actual sales prices of home in your area.
- The expired listings: homes offered for sale that did not sell.
Testimonials
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We had a great rapport with our agents (Craig and Kyle). I think all the basics were covered. The Von Kohorn Team are exceptional.
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- Bill and Donna B.
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We met Kyle at an Open House while we were exploring on our own. He followed up with us and worked with us for several months, keeping us updated regularly. We lived 150 miles away, so without their (Kyle and Craig) constant vigilance, this would have been much more difficult.
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- Mike and Ellen W.
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If you are looking for a realtor you won’t find anyone better than Craig and Kyle Von Kohorn. Through the years I have dealt with other realtors but none came close to the level of professional expertise exhibited by the Von Kohorns. They recently handled the sale of our condo. A problem came up, over ten-year-old permits that had not been closed with a final inspection. They immediately took action and had the problem resolved in a couple of days. Working with them was a very pleasant experience.
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- Lew and Betty P.
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They were recommended to us from friends that used their services. Kyle listened to what we wanted. He did not have an agenda. He found us the perfect home. We had a positive experience.
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- Geno and Denise B.
The data relating to real estate for sale/lease on this web site come in part from a cooperative data exchange program of the multiple listing service (MLS) in which this real estate firm (Broker) participates. The data is provided exclusively for the user's personal non-commercial use, and may not be used for any purpose other than to identify properties that the user may be interested in purchasing or leasing. The properties displayed may not be all of the properties in the MLS's database, or all
