Skip to Content
Home Hunter: Login   Register
Judy Minner

Judy Minner

REALTOR®, Broker , CNE, GRI

C. (309) 645-8845    F. (309) 698-2248
Send Email

Determining Your Home Market Value

If you would like more information or have any questions about determining your home market value please Contact Us. Visit our Buyers Page or Sellers Page for more information about buying or selling a home or property.

Determining Market ValueNow that you have made the decision to sell your home, it is time to determine its asking price. Since the procedure by which it is calculated can be somewhat complex, you will want to seek the guidance of a trained professional – you're REALTOR®. Should you price your home too low, you could potentially cheat yourself out of thousands of dollars. Conversely, if you price your home too high, potential buyers will bypass it in favour of something more reasonably priced. Leaving your home on the market for too long could have the adverse effect of giving it an unfavourable reputation. The object is to choose a price that is neither too high, nor too low. The asking price should be both accurate, given its market value, and fair. Your REALTOR® is familiar with the market and all of its changes. Take advantage of their knowledge and expertise.

 

What is Market Value?

Market value is the highest price that a willing buyer and seller, not under any compulsion or outside pressure, agree upon. Determined by outside influences, such as social and political factors, as well as the economy, market value is the price that your home should sell for in the current market. Your home’s fair market value depends on a number of other factors including, how it was built, its location, the condition it is in, the size of both the house and the property it sits on, as well as the price of other similar homes that have recently sold in your neighbourhood. The price you choose will also be determined by the tempo of the market, the public’s confidence in the current economy, and competition within the market. Ultimately, the market will determine the value of your home, not you, making the services of a trained professional who understands it and all of its complexities all the more worthwhile. Don’t hesitate to ask your REALTOR® any questions you may have – their knowledge could save you thousands of dollars.

If you would like more information or have any questions about determining your home market value please Contact Us. Visit our Buyers Page or Sellers Page for more information about buying or selling a home or property.

Information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the Peoria Area Association of REALTORS®. Real estate listings held by brokerage firms other than this site-owner are marked with the PAAR logo and detailed information about them includes the name of the listing brokers.

The accuracy of all information, regardless of the source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals.

Copyright © 2017 Peoria Area Association of REALTORS®., All rights reserved.

East Peoria Office
821 W. Camp Street
East Peoria IL  61611
(309) 698-5600
Real Estate License # 475.128283
Fair Housing and Equal Opportunity Fair Housing and Equal Opportunity