You are thinking about selling your Jacksonville Fl real estate. You remember what you heard a home similar to yours sold for last year. You know how much you would love to receive for it. Are your expectations reasonable? A homes current market value can be obtained by requesting a current market analysis from your Jacksonville Fl real estate professional.

The market value is the price a home will sell for within a reasonable period of time.

It is more than an educated guess.  The reasonable time period in a normal or average real estate market usually means 30 to 90 days. Given other market conditions, the time period may by shorter or longer.

The definition of Market Value includes three elements:

1. The home in question: each house is unique
2. Current condition of the home
3. One to three months (30-90 days)

 Market value can really only be measured by what a specific house sells for. There are ways to predict a close estimate of the market value of a home. Real estate appraisers use their knowledge to provide you with an estimate by examining all three aspects of the market value description. There is no set market value. Only through looking at a specific house, the home’s current condition, and the allotted 30 to 90 days will one be able to give an educated guess of its market value.

The House:

The location of the home is first considered.  What have similar homes sold for in this neighborhood?  It is not relevant what this house sold for in California, Boston, or even across town. The value of this Jacksonville Fl home is determined by comparing it to similar homes in this neighborhood or similar communities.

The Homes Current Condition:

Pristine homes sell faster and easier than homes that need upgrades or repairs. Homes that have been well maintained attract more buyers. Assessing the current condition of the home is directly related to how many Northeast Fl home buyers will be interested in the home and how long it will take to sell the home.

Estimating the amount of money it would take to fix up the home has an interesting correlation to the price of the home. Multiply the fix up cost by two or three- and subtract that from what a house in good condition would sell for to arrive at the current value of the home.

30 to 90 days

Homes that are on the market for more than 90 days are usually priced too high. The average selling period for a home that is priced correctly is one to three months.  Look at homes that have recently sold in your neighborhood: how long did it take for that home to sell? What was the price that it was originally listed for? Did it need repairs or was it in pristine condition?

The appraiser of your Jacksonville Florida home or condo will take all of the above factors into consideration when setting a “Market Value” estimate on your home. Your professional Jacksonville Fl real estate agent will also use these factors when calculating a price to list for sale Jacksonville Fl homes or Jacksonville Fl condos. It is easy to see that appraising homes may be an art and not a science.