The Term “Market Value” Explained

The Term “Market Value” Explained

It’s not every day that you are willing to pay more than what something is worth.

For instance:

You go to the grocery store to buy some bubblegum.
You know how much the bubblegum costs because you’ve bought it before and it’s always the same.
If the store clerk were to, all of a sudden, charge you $20 for a pack of gum then you would immediately know that if you pay $20 you are paying over market value for the gum.

Market value is what someone is willing to pay.  In this case we’re talking about property, not gum.

Each home has a different market value. Why is that?

Each and every home is unique. Depending on the characteristics each home has a different “Market Value.” 

  1. Location
  2. Size
  3. Lot size
  4. Number of bedrooms and bathrooms
  5. Has it been remodeled?
  6. Age
  7. Is there a garage?
  8. Has there been damage to the home?

All of these things, and more, contribute to the market value of a home.

So when you’re wanting to sell your home a few things could happen.
You might think your home is worth one amount and you find out it’s actually worth more because the neighborhood you live in has appreciated significantly.

You might think your home is worth one thing, and to your surprise, it’s worth a lot less.

You may be right on the money with what you’re thinking it’s worth.

I’m here to help you determine if a seller is asking over market value and I’m here to help you decide on a list price if you’re selling your home.  I will prepare a Certified Market Analysis to analyze the numbers so we will have a good idea of what your home’s Market Value is.  Call me, Jill Bell, at 479.799.3023 to start the conversation!

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