Now that the real estate market has come back in full force, many sellers are unsure about the current value of their home. There are certain segments of the market which have increased more than others and only after an in depth analysis will you know the true value of your home. I met with some potential sellers on Sunday morning to discuss their home’s market value and delivered the good news that their house was worth nearly $100,000 more than they thought. Now that was a refreshing change!
There are many factors that I take into account when performing a valuation aside from just the recent comparable closed sales. I also like to pull the comparable active listings to see what the competition (including the “days on the market” for these properties). If a similar home down the street from the subject property is listed for $750,000 and still hasn’t sold after several months, then it is an indication that buyers don’t see the value at this price. Another important factor is pending sales. Pending sales can tell you where prices are headed in the future. Even though we don’t know the sale prices yet, we know that Coral Gables homes sell roughly 5% off of their list price which will give us an approximate value.
If you are interested in working with Realtors who specialize in Coral Gables, please feel free to contact us at 305-342,1623, we would love the opportunity to work with you.