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What's The Best Way To Determine The Market Value Of Your Home?

Friday, November 29, 2019   /   by Keri McCombs

What's The Best Way To Determine The Market Value Of Your Home?

So many times, when I have a conversation with a seller about preparing a market analysis to sell their home, and they assume I will look up their address, create a market analysis, and come out to their home to meet them for the first time and present the market analysis. Is this the best and most accurate way to determine market value?

This is what I'm calling the one-step listing presentation process. What I mean by this is, the agent has not seen your home in person and comes out to your home with a market analysis of your home, without ever having seen it in person, in just one step. I strongly caution you on trusting this.

When an agent is using this process, you want to be careful about trusting the market value that they give you. Their value is based on information you've told them over the phone, or information they've seen on the MLS from previous sales - they haven't actually seen your home in person. I have met with many sellers that forgot unique, desirable features of their home until I pointed it out when I saw it.
That's because we are so used to our home, our own space, that we can become desensitized to how amazing our own homes can actually be. Also, when your agent sees your home in person, they can most accurately compare it to other homes in the area by comparing what they've seen of your home with the pictures of other homes. Given this information, what is the best way to accurately provide a market analysis of your home? This is where the two-step listing presentation process comes into play.  
First Step: The Walk-Through Of Your Home
This first step is where your agent meets you at your home and walks through your home to be able to soak it all in. Just like a buyer is so focused on pictures of your home to fall in love with it, an agent needs to see the inside of your home to really be able to carefully and accurately determine your home's market value. In working with buyers so much, agents have developed an eye to be able to look at a home in the eyes of a buyer - what might a buyer have an issue with, what will a buyer draw their attention to, things like that. 

Second Step: The Market Analysis
After walking through your home, your agent will spend a couple of days researching your comparable homes that have sold recently that are similar to yours. In addition, your agent should be looking at homes that are similar to yours that are still on the market, and they should be looking at homes that are both still available, as well as homes that have an offer accepted.

This allows you to have a comprehensive snapshot of what the market has done and what it's doing currently, which gives you the opportunity to most accurately price your home. Then your agent will meet you again and review the market analysis with you, being confident in knowing that your home has been priced correctly.
After learning about the two different methods of presenting your home's value to you, which one would you choose? If you go with the one-step listing presentation, you're being provided a blind value that may or may not be accurate, and you risk missing the mark when pricing and selling your home.

Thank you for taking the time to check out this article! Feel free to contact me anytime with specific questions or help. You can contact me via email at keri@spokanehaven.com or via call/text at 509-844-5843. 

Click below to get a preliminary understanding of your home's market value!
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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

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