Request for Property Evaluation – $450,000
Current Market Conditions – Two questions often asked when listing properties for sale are: “How long will it take to sell the property” and “At what price”? The answers depend on many factors, but Current Market Conditions is the most important. In a Seller’s Market for example — where the economy is strong — asking prices may be biased upwards. Conversely, in a Buyer’s Market — where there is a large supply of similar properties for sale — asking prices are typically lowered.
Sale Comparables – Another important factor is Sale Comparables. This is where recent sales establish reliable market values. However, in a market with no recent sales, people tend to price properties based on what other people are asking — which may have nothing to do with eventual sale prices.
Current Demand – Buyer preferences often change and it is important to know what type of properties are currently in demand — and at what price range. On the one hand, condos may be in demand in a particular community. On the other, small villas may be sought after as a condo-alternative. There are times when beachfront properties are in demand — and others when hillside properties with ocean view are in demand.
Market Value Variations to Consider
Supply & Demand – Small to medium-size beachfront condominiums priced between $150,000 to $350,000 are currently in demand. There is currently an oversupply of higher-end beachfront condominiums and private villas without an ocean view.
Location & Amenities – Time to Market is often affected by both resort and area amenities. Ease of access and general location are also factors in determining both Market Value and Time to Market.
Rental History – Since many properties are vacation or second home investments, rental history can be a significant factor.
Maintenance Fees – Operating Expenses and Maintenance Fees can be a significant factor when choosing investment alternatives.
Financing Availability – For the high-end Buyer, financing is normally not a issue. However, for the mid to lower price range properties — financing can be an issue.
Taking all of this into consideration, please let us know if you would like to talk about pricing, days on market, and potential Offer Prices verses List Prices.