Who Really Determines a Home’s Value?

A home’s actual value is determined by two people: the appraiser and the buyer. Here’s why this is.

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When you’re getting ready to buy or sell a home, you often wonder who really determines the actual value of a home and what the sales price will eventually be. There are basically two people who determine the value of a home. The first is the appraiser. The appraiser will look at similar sold properties within the last six to 12 months. If you want to get an idea of what the appraiser will consider, all you need to do is go online and look at similar properties that have sold in the area within a mile or so of where you’re looking and what they sold for. In addition to the appraiser, there is one other person who determines what the final sales price of a home will be. Can you guess who it is?

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The appraiser and the buyer are the two people who determine a home’s value.

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It’s the buyer. The buyer will offer a price for the home based on comparables of other homes currently for sale on the market and what they feel the house is worth to them. 

You’ll notice there’s one person I didn’t mention—the seller. While they don’t determine the eventual sales price of the home, they can determine how long the home takes to sell. They do this in two ways. The first is by making sure the condition of the home is optimal. The second is by pricing their home properly in the beginning when they first list it. 

We want to thank Gina for sending in her great question. For that, she will receive a $15 gift certificate to Panera’s. If you submit a question and I cover it in one of my future videos, you can also win a $15 gift certificate. 

If you want to know more about determining the value of a home or you’d like a market snapshot to help you know the value of a home you’re thinking of buying or selling, give me a call or send me an email. Until next time, stay in tune with the market and make it a great day!

The Role of Attorneys in Our Real Estate Market

What's the role of an attorney in a real estate transaction in the state of Florida? They usually only get involved when issues of legality arise.

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Looking to buy a home? Search all homes on the MLS

In today's episode of the "Keeping in Tune With the Market," I wanted to answer a question about your attorney's role when buying and selling real estate in the Tampa Bay area. In Florida, most buyers and sellers utilize a licensed Realtor to prepare a contract of sale. The form has been pre-approved by the Florida Association of Realtors and Florida Bar Association. The Realtor will fill in the form, which is then signed by the buyer and seller. At that point, we have a fully executed contract. The contract is then submitted to the title company for review so they can do a title search and make sure everything is legal so that a full warranty deed can be transferred from seller to buyer at the closing. That said, there are many times when an attorney needs to get involved, especially if your home is held in a trust or probate or you have legal issues like a divorce.

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Most buyers and sellers utilize a licensed Realtor to prepare a contract of sale.

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If you ever have a question for an attorney, you should absolutely ask it. There's no harm in doing it even after you've gone to contract to make sure you have everything answered. 

If you have any questions you'd like me to answer in a future episode of "Keeping in Tune With the Market," just give me a call or send me an email. I'll be sending a $10 Panera gift to Jan for having her questions answered. If you ask a question that I answer in future videos, you'll win a gift card too.

Until then, make it a great day!

Keeping in Tune With the Market: How to Get Your Offer Accepted Without Breaking the Bank

If you’re a homebuyer competing against other offers on the same home, here are three strategies you can use to make your offer stand out.

Looking to sell your home? Get a FREE home value report
Looking to buy a home? Search all homes on the MLS

Today I’m answering a question from Amanda Fabian, who asks, “How do I get my offer accepted when there are four other competing offers on a home?”

First of all, congratulations to Amanda, who will receive a $10 Panera gift card for her question being chosen.

To get your offer accepted when there are other competing offers on the same home, I have three strategies you can use:

1. Make your offer as competitive as you can without going over your budget. If you’re going with a higher financing amount, you must be competitive against someone who might be putting more cash into the deal. Also, make sure you have your pre-approval letter and that you submit it at the same time you put your offer in. Your offer must be as strong as possible.

2. Find out from the other agent or owner what their hot buttons are. In other words, does the owner want a quick closing or do they need extra time? When you structure your offer, make sure to add that in. Does the owner have a special appliance they want to take with them? Stress that the appliance can go with the owner and you don’t insist on having it stay.

3. Write a personal note from the heart. This one is my secret weapon. When you do this, find out a little bit about the owner and share with them some information about your family and how you will love the home as much as they did. If you have a cute little kid or puppy, include pictures of them in the note.

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Your offer must be as strong as possible.

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If you have a real estate question that’s on your mind, don’t hesitate to email it to me. If I answer it in a future video, you’ll receive a $10 gift card. Until next time, make it a great day!