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Real Estate Article
(Understanding
market value)
Market value is the price at
which a property in its current condition will sell within 30 to 90 days.
Most people use an appraiser or
realtor to determine their properties value. The appraiser will give his or her
professional opinion of the properties market value. The appraiser will base his
or her evaluation on recent sales of comparable properties, neighborhood, square
footage, construction floor plan, transportation, shopping, schools and so
on.
Lenders require an appraisal as
part of the mortgage application process.
The second factor in determining market value is the present
condition of the home. Homes that require work take longer to sell. If
the home needs some improvements you may have less buyers looking.
In most markets, a home will
sell within 30 to 90 days. If it doesn’t, the price is likely too high.
However in a hot market or when there are housing shortages, many homes are sold
within a matter of days.
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