What’s My Space Coast Florida Home Worth? There are several factors that play into determining the market value of a residential or commercial property. This article will point out a few and how to get a free CMA on your property!
“What’s my home worth? How much can I get for my Space Coast property? What could you sell my commercial building for?”
I get these types of questions all the time being a real estate broker. Of course, when it comes time to sell your home, vacation rental, investment property, or piece of vacant land, you want to get a good assessment of what the value is. There are plenty of websites out there who claim to have an estimate calculator to determine this, but, the truth is, the only way to get an idea of the true value is to do a market analysis.
A market analysis will look at several factors:
1) Comparable properties in the area which are currently on the market and those that have sold. This is especially important because this will show you what people are trying to get for a similar property, as well as what buyers have actually paid for in the past. Also, focusing on properties sold only six months back or sooner will give you a more accurate picture of the current market.
2) Condition of property. This is also a factor because it will effect the bottom line of the buyer. Has the property had the necessary repairs and or improvements that a buyer would expect? How does it look from the outside? Is there something functionally obsolescent about it such as its missing a bathroom or the stairway is too narrow? These are all factors that will play into what a buyer will be willing to pay for the property.
3) The local real estate market. Is this property in a market that is appreciating? Depreciating? Is it a buyers or sellers’ market? How long are similar properties taking to sell? How much inventory is there for a buyer to choose from? Sometimes this is a simple supply and demand issue. If there are plenty of properties on the market and the buyers have more choices, then, a seller is likely to get less for their property. If it’s a hot market, such as New York City, with limited product then a seller is more likely to see multiple offers and even bidding wars, which will increase their price and bottom line.
4) Motivation of the seller. Most people think if a property is on the market, the seller must want it sold, right? This is not always the case. Some sellers are realistic and motivated while others are perhaps just testing the water. Also, some sellers have had bad advice regarding what their property should be priced at and therefore are holding out for something that is likely not going to happen. Sellers motivation always plays into what a property is sold for and even if it’s sold at all.
There are other factors to consider when figuring out what a property is worth and its best handled by a seasoned real estate professional who is familiar with the local market. The best way to find out the answer to “what’s my property worth” is to call a broker and have them preform a CMA (‘comparative market analysis’) or a limited appraisal. Most brokers will provide this service free of charge.