Can You Gauge Current Market Value?Blog, Buying, Market Updates, Selling
We are all on the same page that it is a seller’s market today in real estate. Not enough listings to feed the appetite of well qualified buyers aching to take advantage of historic low interest rates. If you are a buyer or a seller in today’s market, you’ll be having discussions with your Realtor to look at the comparable sales (same neighborhood, floor plan, size, number of bedrooms, condition, and location.) Your Realtor will call them “the comps.” So you’ll know what your home will sell for if you are selling, and you’ll know what you’re going to have to pay if you’re buying. Pay close attention ONLY to the comps that have actually closed in the last six to eight weeks. Prices are trending up right now and you want the most recently closed sale you can get your hands on.What’s the big secret to digging deeper to really understand the current market value today? Two things – that your Realtor reads the secret, for-agents-eyes-only remarks on the comps – because that’s where a ton of information can be found. And you won’t see it on Realtor.com, Trulia.com or Zillow.com. And secondly, having the gumption to call and ask what the story is. Haven’t had anyone hang up on me yet.