Home Selling in 15012>Question Details

Gizzie Weigh…, Home Seller in Belle Vernon, PA

fair market value 2 bedrooms 1 bath with 2 car garage breezeway 2 porches fenced in yard

Asked by Gizzie Weightmans, Belle Vernon, PA Thu Jul 12, 2007

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Many variables go into performing an analysis of price. Location is one of the biggest ones, not only city, but subdivision and many times even area of a subdivision.

Another huge factor is what the general area supports. In my own area 2 bedroom/1 bath homes are uncommon, with most being 3-5 bedrooms and 2-3.5 baths. I do know several agents, however, that have two bedroom homes as the norm in their market. Many times this is determined by affordability of an area.

Condition of a property is yet another huge variable. Your home might be a beautifully painted and landscaped home that is immaculate inside and out, whereas the neighbors home might have last seen paint when the Beatles were still performing to packed auditoriums. When a house is appraised it is assigned not only the year built, but functional age. Many homes have funcitonal ages similar to their actual age. Other homes are 50 years old, but compare nicely with more recent builds.

Amenities in the home must be factored in as well. Does your home offer burnished wood floors, or linoleum? Are the countertops formica, or granite? Are the appliances new or 30 years old?

As you can see, there are many factors in pricing a home. Visit a local agent today to find out about your home.

Chris Tesch
RE/MAX Bryan-College Statiom
526 University Drive East
STE 101B
College Station, TX 77840
Web Reference: http://www.ChrisTesch.com
2 votes Thank Flag Link Fri Jul 13, 2007
Fair Market Value for the home you have described is going to fluctuate not only because of the current market - but in one city the same type of home will fluctuate based on location.

I know that was a convoluted way to answer your question - but a home in one district will be priced differently in another district; yet have the same attributes; or amenities if you will.

You can see why it is so important to have a REALTOR on your side. You need the information from a professional in your area - to determine not only price but marketability issues as well.

Good luck in your quest - and here's to a quick sale!
0 votes Thank Flag Link Fri Jul 13, 2007
Gizzie
Trulia is a forum for you to have your questions answered, however we don't know enough about your property to respond. That's why Zillow has problems sometimes with valuations...every property is unique and should be evaluated in three ways:
Wholesale what an investor might pay to buy and flip your property, usually purchased 10-20% below retail.
Retail - what a buyer would pay that knows that local market and what fair market value is
Your price - based on your propeties condition, the time you have to sell compared to the average market time for your market

Only a REALTOR with local market expertise can really help you.
A note: There is a difference between Fair Market Value and and the value an appraiser might assign your property, say for a re-finance. Realtors do not provide appraisals. They can provide an estimate of Fair Market Value, which is usually presented in a range format.
An appraiser uses closed sales of comparable homes, usually that sold during the last six months. However, if your market is fluctutating, their job is more difficult.

Good luck!
0 votes Thank Flag Link Thu Jul 12, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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To find the fair market value of a property, you should have a realtor do a comparative market analysis. Every community is different and the market has changed. Whatever you thought a 2 bedroom, 1 bath with a 2 car garage was worth before, may have changed.
0 votes Thank Flag Link Thu Jul 12, 2007
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