What’s My (Your) Home Worth?
When listing a home for sale there isn’t an exact science to it, but what is required is knowing all the facts, and that’s where I come in. What’s a home valuation really anyway?
Estimating the value of real property is important to a variety reasons, but for most people, determining the asking or purchase price of a property is the most useful application of real estate valuation. This article will provide an introduction to the basic concepts and methods of real estate valuation, particularly as it pertains to real estate sales.
That’s all well and good, however what most home owners in Charleston SC and the U.S. really want to know is what’s my property worth now if I were to try to sell it? The most common method that 90% of listing agent use is: The Sales Comparison Approach.
Basic Valuation Concepts for Real Estate
A main consideration in appraising is to determine a property’s value: the present worth of future benefits arising from the ownership of real property. Unlike many consumer goods such as oil, lumber, food, etc. that are quickly used, the benefits of real property are generally realized over a long period of time. Therefore, an estimate of a property’s value must take into consideration economic and social factors, as well as governmental controls or regulations and environmental conditions that may influence the four elements of value:
Demand – the desire or need for ownership supported by the financial means to satisfy the desire;
Utility – the ability to satisfy future owners’ desires and needs;
Scarcity – the finite supply of competing properties
Transfer-ability – the ease with which ownership rights are transferred.
– What have the homes that are MOST comparable to yours (subject property) sold for recently per sq ft., and what is currently for sale (taking into account scarcity from above)?
– What are the prices being asked by your competing listings in and around your neighborhood.
Other Factors inside the two primary ones above include: (age of home, physical features, location, conditions of the sale, economic conditions)
That’s where I come in, I will show you ALL the information you need about what’s sold, what’s up for sale, and how those homes compare to yours and together we can determine a value to sell your home for the MOST money and/or the fastest sale depending on what is most important to you.
What makes me different and more worthy than any other agent? Great Question…
1.) I have been in the real estate industry since 1998
2.) At 29 years I founded a wholesale mortgage firm here in Charleston and as such being the President/CEO I was responsible for overseeing 13 team members, two branches, ALL the marketing functions, business development, training of real estate agents in financing, training of my loan officers, and making sure over $85 Million in loans got closed. Of which most were purchases. So I have REAL business knowledge and real estate is business vs an agent without that savvy business skills.
3.) I graduated from University of S.C. where my major was media arts. What’s that mean? What you are reading right now is media. Everything you see and hear is media. Everything on a computer is digital media, websites, video, photographs, and audio. I studied video production, photography/lighting courses, audio recording, and more. Even post cards, billboards, news paper are ALL media, print media. Although it’s an antiquated media.
4.) SAVE the BEST for last. I am a digital internet marketing expert. I consult other businesses on how to harness the internet’s power through web design, SEO (search engine optimization), content marketing, image marketing, user experience design, online ad management and more. 90% OF ALL REAL ESTATE TRANSACTIONS BEGIN WITH THE INTERNET….
So.. I can put ALL that to work for my clients when selling their home.