Morrow County, Ohio Real Estate

Your real estate agent has just brought you an offer on your home, and you want to think about it. You would like your agent to contact the other people who have shown an interest in your home. Whether your home has been listed for three days or three months, there is always a desire to hold out for a better offer, and I understand how sellers can feel considerable resistance to making a decision quickly.

Some buyers will include in the offer a deadline for getting a response, but the seller should respond to an offer quickly even if a deadline is not specified.

The interval between when an offer is submitted and when a response is made is a crucial period because the buyers are free to withdraw from the transaction during this time. Even though they are mentally landscaping your yard and arranging their things in your rooms, they may also be afraid that they will get the house, and are, therefore, extremely vulnerable to buyers' remorse.

Remember the old saying "Bird in hand is better than two in the bush".  Having a buyer in this market who is "ready, willing, and able" is something worth hanging on to.  Don't be penny wise and pound foolish by dragging your feet on a response to a serious buyer.

My seller in Mount Gilead (or Cardington or Marengo) says "I want more for my house!" "I need more!" "We have more invested!"

But what is the best price for a piece of real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the "fair market value" (FMV).  FMV has been defined as "the price that a buyer is willing to pay and the seller is willing to accept, when both parties are knowledgeable about the property and neither is under any time pressure to buy or sell". Sounds great, but really, how is this price determined?

Buyers and sellers both need to understand that it doesn't matter what a seller wants (or needs) nor does it matter what a seller might have paid for a property, or what improvements he's done and what those  improvements might have cost the seller.

The real value of a property (or a car or anything else for that matter) is "What a buyer is willing to pay". The appraisal process by a professional licensed appraiser helps to determine the current Fair Market Value.

The starting point for determining a fair price may be an opinion of the value or "comparative market analysis". Such an analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, and/or 3) expired properties (those which did not sell). Local, national and international trends and market conditions must also be evaluated. The appraiser then sorts and reviews all the data and comes up with an opinion of value based on these similar properties.

By comparing similar properties in each of the three categories and the market conditions, appraisers, lenders and agents come very close to the maximum price that buyers would be willing to pay for a house.
If you've been wondering about the value of your home (or one that you are considering buying) feel free to give me a call and I'll help you through the process of determining value.

In the meantime, to see all homes and land for sale in central Ohio including Morrow County, visit my web site at http://www.herbsells.comor www.morrowcountyhomes.com