Assessing Market Value in a Blink of an Eye
Read on, because today you'll learn how to assess
any market, any property, anywhere, within moments.
Some people find this a very hard concept to grasp – determining
market value.
As you call on Sellers, you'll find that many of them don't know
what the true market value of their home is, so they'll just slap any
‘ol price on it that They Feel It's Worth!!
At the same token, many investors scratch their heads and try to
figure out this little nugget too.
Right here and now, we're going to tell you how to determine the
value of your market, right down to the precise subdivision, with one
phone call.
Here's what we want you to do. Pick up the phone and dial your
Realtor's phone number. Now ask them to send you “Comparables”
on properties in a certain neighbourhood or area of your city where
you're searching for deals.
They'll send you via email or fax, all properties that have sold or
been listed in that area for the previous six months of same type
and size.
Now take all the prices of those properties, and divide it by the
number of properties given, then you have an average price.
For example:
Property 1 - $190,900.00
Property 2 - $178,500.00
Property 3 - $199,900.00
Property 4 - $187,900.00
Property 5 - $182,500.00
Property 6 - $193,999.00
TOTAL $1,133,699.00
Divide this number by 6 Properties and you get $188,949.83
Bingo!! In only a few minutes you've now got your indicator
for what properties are worth! Now go get some deals!
That was easy, eh!?
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Now here's what YOU do. Break down the price per sq ft of the
listings. The formula is to take the square feet of all the properties,
add them together, and in this example, divide it by the 6.
Now, take that figure and divide it into the average sales price we found above.
Welcome to the big leagues! So if from that point on you arrive at a home that's asking price is below or well below the average price per square foot of comparable homes in their area, you probably have a deal on your hands!
Now, take that figure and divide it into the average sales price we found above.
Welcome to the big leagues! So if from that point on you arrive at a home that's asking price is below or well below the average price per square foot of comparable homes in their area, you probably have a deal on your hands!