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Pricing >The Value of Your House
One of the sayings from the "gold-rush" days--"Them that's got the gold, sets the price!"--is also a principle that applies to real estate. We say that a house is only worth what someone will pay for it, even though the owner, the bank, and the agent all have their own opinions about the "market value" of a home. In other words, no sale ever takes place until the buyer agrees with the price.
How can sellers arrive at the maximum "fair" price that buyers are willing to pay? Buyers (and appraisers) make their decision based on comparisons. While shopping for a home, buyers will visit many similar homes in their price range and measure the features of each one against the price. They decide which house offers them the maximum value for the price. Buyers do not expect a home to be a "steal" or dramatically under-priced, but they do expect it to be a fair value.
Sellers must determine the value that their home offers in order to arrive at the right price. The real estate agent will advise the sellers what buyers should be willing to pay for their home, but the asking price is set by the seller.
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| Q |
What are three of the best indicators of real estate market trends?
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| A |
Existing home sales, new home building and mortgage interest rates.
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Katy Gallagher - Broker, Hawaii Real Estate Team
MRV Real Estate, Inc.
161 Wailea Ike Place, #C101
Wailea, HI 96753
808-264-0570
Fax: 808-442-9002
katygallagher@NUMBER1EXPERT.com
Katy is a full-time, professional REALTOR specializing in the sale and marketing of homes throughout Maui. Katy also manages vacation and long term rental properties. She was a Licensed General Residential Appraiser with seven years of experience in the field, and a published author of two appraisal text books. Backing her professionalism with 15 years of computer systems and components marketing and sales experience, Katy's knowledge and understanding of real estate in Maui is truly outstanding.
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