The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus . Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
Price effectively. Unless you can arrive at a reasonable price for the home, the listing will become a burden instead of an opportunity. Have a price range in mind before you go to the listing.
Don’t rely solely on comparables to develop a price recommendation. Consider supply and demand and the competition.
Do consider marketing time. The seller or servicer may have a limit on the time to market the property.
Do weigh the home’s condition. Pricing a short sale or foreclosure is most often based on the AS IS condition of the property. The condition of the property may limit the financing options and require a cash sale.
As of the effective date of this Price Opinion the Suncoast Multiple Listing Service reports there are 38 active listings of single family residences similar to the subject in age and size within the Neighborhood Boundaries described. Only two listings similar to the subject in size are listed as pending.
In the past twelve months, the Suncoast Multiple Listing Service reports there have been 36 sales of residences similar to the subject in age and size within these Neighborhood Boundaries. These range in price from $56,500 to $160,000 and average $105,200. Although the average time on the market for active listings in this area is over three months, some listings have been on the market for over one year.
Price reductions are common, as are listings expiring from the multiple listing service without sale. Over 40 listings of single family residences in this neighborhood similar to the subject in age and size expired from the multiple listing service in the past twelve months.
Supply exceeds demand in this area. Competition from short sales and lender owned properties is becoming more prevalent and has a negative effect on prices, values and marketability. Nearly one third of the active listings in direct competition with the subject are marketed as short sales or pre-foreclosures.
Value decline in this area averages to about 1% per month over the past twelve months.
PAIRED SALES GARAGE 1590 1600 1550 SIZE 4/2 4/2 3/2 BR/BATH ? GARAGE VALUE 2 Car 1 Car 2 Car GARAGE 4/2008 4/2008 2/2008 DATE OF SALE $266,000 $260,000 $265,000 SALES PRICE SALE #3 SALE #2 SALE #1
PAIRED SALES POOL 1590 1600 1550 SIZE 4/2 4/2 3/2 BR/BATH ? ? POOL VALUE Above Ground None In Ground POOL 4/2008 5/2008 3/2008 DATE OF SALE $262,000 $260,000 $277,500 SALES PRICE SALE #6 SALE #5 SALE #4