Real Estate Questions Answered – Part 1

November 19, 2009

As a  licensed REALTOR  for over 10 years in the Harrisburg Area, it amazes me how many questions I field about the basics of buying a home or selling a home. Because I have been trained in the business and deal with real estate transactions daily, i sometimes forget how intimidating it can be to many homebuyers or sellers.  For example:

Question: How do we know how much our house is worth?

Answer:  We ‘ve all heard this, ‘ your house is worth whatever someone is willing to pay’. While that might be true, that does not really alleviate any fears a potential seller has. There are many factors that go into determining what a particular home is worth. Location, square footage, condition, number of bedrooms, number of baths and MARKET CONDITIONS to mention a few. 

In today’s economy and media inspired gloominess, market conditions are of major importance when determining a homes value.  Most sellers are emotionally tied to their home and therefore will propbably over value what the home is actually worth. ( Which is why For Sale By Owner homes are usually not priced correctly. Most homeowners do not have the skills and training to properly evaluate market conditions.)

Once a professional real estate agent, such as Cal Williams, has analyzed the local market, researched any comparable sales in the area, taken into account the condition and location of the property and thoroughly studied the subject property,  can he  make a determination on what  price range the property should be LISTED  FOR SALE . It is up to the homeowner to actually decide what to LIST the property for, however the expertise of a Licensed Real Estate Agent should be taken into account.

So, there is no easy answer to the question ‘what is my house worth’. The best we can do is find a professional Real Estate Agent, who has been trained to evaluate market conditions and who knows the local market. Take into account all the available information and LIST the property accordingly.

Even then, what the home is worth and what is could sell for are sometimes 2 totally different numbers.

My advice: find a Realtor and ask them for a free evaluation of your home. It should be a free service and any Realtor should be happy to provide that service to a potential seller.

 

Cal Williams

www.calwilliams.com

717-612-9901

 

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