To some extent, doing a little research on what homes are selling for in your area puts you ahead of half of the homeowners in any particular market. Many homeowners base their assumptions of their home's value solely on factors that have no real merit. They may look at things like: The Tax Assessed Value, ?What I heard Sally got for her home down the street?, ?What Uncle Joe got for his home across town?, or many other factors . . . none of which really have a solid foundation.

What most real estate Agents and Brokers do, which is similar to the process of looking at homes in your area, is prepare a Comparable Market Analysis (some call it a Competitive Market Analysis). What they have access to, which you do not, is the entire database of homes in your area that are for sale and listed in the Multiple Listing Service (MLS). They have to pay subscription fees, often very high rates, in order to have access to that information; but you can bank on the fact that every active and licensed Agent in your home market has direct or indirect access to this database.

With this information, they can establish a good range of value for your home. They'll look at homes that are for sale, homes that have a sale pending, homes that have sold, and homes that have not sold. Understanding the information they have access to gives you insight into how they might calculate or estimate a fairly good Fair Market Value for your home. What you have to understand, though, is this: even though they all have access to the same information, not all Agents are created equal when it comes to interpreting that information.

Fair Market Value is the Key to Success

It is absolutely imperative that you price your home at Fair Market Value from the beginning of the listing. This will ensure that you will sell your home for the highest price in the shortest amount of time.

Often, 80% of the effectiveness of marketing a home is linked to where you price your home from the start. Additionally, the first offer you receive on your home is usually your best offer. The amount of time it takes for you to receive that first offer will vary greatly depending on how close your price is to Fair Market Value.

Fair Market Value is not:


? What another Agent says a home in your area is worth

? What your neighbor says his home is worth

? What you think you need to make from the sale of your home

? What you want to put in the bank from selling

? What you paid for the property last year



Buyers and Sellers Determine Value?Together!

The value of your property is determined by what a buyer is willing to pay and you (the seller) are willing to sell for in today's market. That's the true Fair Market Value of your home.

Today's buyers have all the information that you have. They will base their offer on how your property compares to other sold properties in the area. They will evaluate your home against the others and will compare the cost versus the value.

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