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Your Home’s Value

Finding the value of residential real estate is almost a science. It is not just about the bedrooms, baths, architectural style, size of lot and the neighborhood. It is more about estimating a future event – what it will sell for – based on what buyers will perceive the home’s value and what the seller is willing to sell it for. Mostly buying a home is an emotional decision which then has to be justified by a lender agreeing to lend the monies to buy this home. So it is an emotional choice which is countered by reality.

Properties that are on the market now, or active, would be the “hopefuls” – the price the sellers have set and are hopeful it will sell. This price is not always set in reality.

The pending sales are the properties where the seller has agreed to sell their home for a price agreed upon with the prospective buyer. (This price is not revealed until the property has sold.) There are many hurdles that must be overcome during this period before the escrow can close.

The closed sales or sold homes are reality. The buyer and the seller shook hands and all the details were worked out to the satisfaction of each party.

The difference between an active listing and a sold listing is a time value. The sold property is based on a past market, while an active listing will be based on a future market.

I pride myself in coming up with a true and honest value for my clients. I study the numbers carefully and am pretty accurate with my pricing advice.