Emily Merkley, association executive, Cache-Rich Association of REALTORS®
With a focus on informing home buyers and sellers of unknown issues that can arise during real estate transactions, this article addresses home pricing and valuations (or current market value). The process of determining market value for a home is complex. It involves comparing similar properties, making adjustments for their differences, and tracking current market trends and the availability of present inventory, all in an effort to establish an educated price opinion.
When it comes to pricing your home, those who attempt the process on their own fall into one of two categories: The home is under-priced and the seller can lose out on thousands of dollars, or the home is overpriced and in turn sits on the market and doesn’t sell, which can also be expensive in certain situations. Pricing is a huge factor that can be appropriately handled by a local REALTOR® because they have the experience and access to important data that allows them to appropriately value your home.
“A REALTOR® has access to sold data, whereas an individual seller can only compare to other listed homes when they may not have much in common, and they do themselves a disservice by under or over-valuing their home and its features,” said Roger Welsh, associate broker of Coldwell Banker Gold Key Realty, Inc.
“Without the access to recently sold data that a REALTOR® has, there is often a huge gap between what somebody asked for a home, and what it actually sold for including details of the closing,” Roger said. “Relying on word-of-mouth is not dependable, and it often leads sellers to make inaccurate comparisons between homes and different locations, and the market for a specific type of home in Logan can be drastically different than that of a similar home in Bountiful or somewhere else throughout the state or country. It’s definitely an issue when dealing with investments worth hundreds of thousands of dollars.”
The experience and expertise of a REALTOR® is crucial not only for access to factual data and reports, but also because a licensed agent is in tune with the shifts and transitions in the current real estate market, and knows how that affects the value of a property within a specific location. Consulting with a REALTOR® ensures that you receive the most from your investment and provides an invaluable guide through the entire process of listing and selling your home.
The Cache-Rich Association of REALTORS® is working this season to collect baking items for the Cache Community Food Pantry so their patrons can enjoy baking holiday treats. Some items there is a particular need for are:
- Cake/cookie mixes
- Baking soda/powder
- Sugar (white and brown)
- Chocolate chips
Please consider donating generously. Donations can be brought directly to the Cache Community Food Pantry at 359 South Main Street in Logan. Financial contributions can be made atcachefoodpantry.com.