You’re ready to put your home on the market and hopefully make a bit of a profit from the sale. But, the price you have in mind may differ from the actual market value. You need an honest determination of your property’s worth but aren’t sure which realtor to trust for an objective valuation. To help you with this process, we have outlined some of the indicators real estate agents in Tampa, Florida rely on to figure out what someone would pay for your property.
What Is Your Property Really Worth?
Every realtor has their own process of determining the market value of a property. There is no set-in-stone method that works every time. Some realtors go with a gut feel, while others produce mountains of market data to help them pinpoint a price. You may even find a few realtors who quote a high value on your home in an attempt to convince you to hire them.
The Tampa real estate market is always changing. Sometimes, the pickings are a little slim, and the competition for a property can be fierce. But, according to Realtor.com, the Tampa market is “smoking hot” right now. In fact, it has been named as one of the twenty hottest markets for U.S. real estate rankings for 2017.
Whether your property is in Tampa or any other city, there are three values that drive the price of a home:
- What the seller thinks it’s worth
- What the buyer is willing to pay
- What a professional appraiser thinks the home is worth
In addition to those factors, realtors also consider local market activity when determining the value of your home. Realtors often refer to this as a “comps” (comparable home sales nearby). Comps give you an idea of the price range of similar homes that have recently sold in your area.
Three more factors realtors use for determining a home’s value are location, amenities, and age. Unfortunately, after you and the realtor agree on a price, the appraiser can cause problems if he/she values the home below the sales price you’ve established. This puts you in a position of having to negotiate with the buyer. This process can be time-consuming and often results in having to start all over.
Market Dynamics and Their Influence on Evaluating Property
The housing market is a function of the economy as a whole. Determining what a property is worth at any point in time is difficult because the market is not static. Realtors have to consider where the market is today and also predict where they think it will be going tomorrow. Besides the economy, other market dynamics play a role in determining the value of a property. These factors include the type of house, location, and the profile of active buyers. Realtors must also be in touch with current patterns. For example, are big houses the trend this year? Or, are certain neighborhoods being sought-after? These are all valid reasons for choosing a realtor in your area when it’s time to sell your home.
Choosing Real Estate Agents in Tampa, Florida
As mentioned previously, no two agents approach evaluating property in the same way. You need to be sure your agent is knowledgeable about local and nationwide fluctuations in the market to get the best possible price for your home.
When you are ready to hire a realtor, Tampa has hundreds of local agents to choose from. But, you want one that has the expertise to maximize your home’s value. We can help. At Tampa Bay Realty & Investment Group, we provide full-service property management that will save you time, money, and stress. Give us a call today, or visit our website to learn more about our services.
