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Marketing real property and assisting buyers is a continuous process of evaluating value to determine pricing and offers to purchase. Recently the Johnson County Board of Realtors released a new form which includes a section which requires inserting the tax appraised value of each property purchased. The appraised value of every property in the state of Kansas is determined by drive by inspections. County appraisers DO NOT enter properties.
In addition to visual street side inspections, homeowners are asked to voluntarily complete information summaries of their homes. The data secured from these voluntary summaries is added to a value model and the cumulative data for any given area determines individual taxable appraised values. The problem with the tax appraised values is they are an inaccurate measure of values.
So called fee appraisals are based on past sales and current asking prices for similar properties. Past sales are a reflection of what buyers actually paid for properties. Current asking prices are a measure of what sellers perceive the value of their properties to be today. In general present asking prices are higher than past sales prices.
How then does a buyer determine a realistic offer or a seller determine an accurate asking price? Buyers determine value by comparing similar offerings. Smart buyers in fact require data on recent sales and competing properties before making offers. Sellers also determine price by comparing recent sale data and prices of competing similar properties.
Gone are the days when a seller can offer properties at inflated prices with the thought that buyers can make an offer. If your property is perceived as overpriced not only will you not receive offers but you'll help other sellers sell properties that are correctly priced.
Buyers today are represented by buyer's agents in the vast majority of transactions. Part of my job as a buyer's agent is to supply data to you in determining value. Knowing that buyers are better informed forces sellers to examine the market thoroughly before determining price. As a seller's agent I will assist you in pricing your property correctly.
Increase your awareness by gathering pertinent data before you buy or sell. Any product is only worth what the buyer is willing to pay.
Whether you’re thinking about buying or selling or merely seeking information, rely on me to provide accurate up to date information about the marketplace today.
Send me an e-mail message and ask to be added to my Real Estate Matters e-mail mailing list. Every two weeks, you'll receive a copy of my most recent issue automatically in your e-mail.
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