Last night I reviewed my market analysis with a man wanting to sell his house. He was quite surprised at the range that I thought his home would sell in. He thought his home would sell for an additional $100,000. He showed me a couple of printouts from Realtor.Com of homes he thought were comparable to his. I looked up one of the homes only to find that it never sold. In fact, the list price was dropped 19% and it still didn’t sell!
Earlier this year another man I talked to about selling his home had a similar experience. He bought out his partner’s half of their house after they broke up. They based the value of the home on what they saw other homes in the neighborhood listing for. Unfortunately, two of those homes never sold. Thus, they weren’t worth their list price and the man paid his partner an inflated price for his half of the house.
A market analysis is based on what comparable homes have recently sold for and what’s going on in the current market. If you want to know what your home is worth, have a Realtor® do a market analysis for you.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
