BAJA REAL ESTATE - The single most important factor to consider when selling a house or other Baja real estate is
the home price tag: how much your house is worth. You don't want to overprice the house
because you will lose the freshness of the home's appeal after the
first two to three weeks of showings. After 21 days, demand and
interest wane. On the other hand, don't worry about pricing it too low
because homes priced below market value
often will receive multiple offers, which will then drive up the price
to market. Pricing is all about supply and demand. It's part art and
part science, and no two agents price property the same way.
The basic laws of supply and demand influence what a buyer is willing to pay for
North Baja real estate. It also influences the amount financial institutions are willing to lend.
This applies to Rosarito real estate as well as property
in the U.S.
Fair market value is defined as the likely price a ready, willing, and able buyer will pay for a property when:
The property is offered for sale on the open market.
The property is marketed for a reasonable period of time.
The buyer has a complete understanding and knowledge of the property.
Neither the buyer nor seller is under abnormal pressure.
Determining Property Value
The Market
This approach is based on the premise that a prudent person will pay no
more for a property than it would cost to purchase a comparable
substitute.
Competitive Listing and Sale Prices To form an opinion of value, a Prudential Real Estate
Professional analyzes current listings and sale prices of similar homes
in your area. Our sales professionals consider properties that recently
sold, are currently for sale, or were offered for sale without success.
Although no property is identical to yours, those with a high degree of
similarity are noted in this report.
The chance of receiving an acceptable offer and completing a sale
diminishes significantly when your asking price is higher than current
market value. Here are factors that determine price range:
Your property its strongest selling points
Expired listings homes offered for sale that did not sell
Competition the asking prices of other homes for sale in your area
Factors That Can Affect a Property's Value
Factors That Do Not Affect a Property's Value
Location
Time of year
Property and neighborhood
Style, condition, age, and decor
How quickly the seller needs to sell
Improvements and upgrades the owners made to the property
What friends, neighbors, or relatives say a property is worth
What the owners paid when they built or bought the property
Cash proceeds the owners want or need from the transaction
Comparative Evaluation A Prudential Real Estate Professional can prepare a detailed
description of your property and estimate the selling price range in
today's market. This is known as the comparative or competitive market
value of property.
Staying Current with Market Value Once your property is listed, your Prudential Real Estate
Professional continually monitors the offering price and new
information about the market. Their observations may include:
Interest rates and availability of financing
Listing activity and length of time on the market
Buyer reaction and seller motivation
Professional opinions
Current market conditions and competing properties
Tel US: (619) 365.4300 | From the US dial direct: 011 52.661.613.2438 | 011 52.661.613.2527
Fax from the US : (619)923.2542 | Fax from Mexico: +01152(661)613.2449
For more information, please send us an E-mail through our Information Request Form.
