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Marketing real property and assisting buyers
is a continuous process of evaluating value to determine pricing and offers to
purchase. One of the standard Kansas City Regional Association of Realtors
contract forms includes a section which requires inserting the tax appraised
value of each property purchased. The appraised value of every property in the
state of Kansas is determined by drive by inspections. County
appraisers DO NOT enter properties.
In addition to visual street side
inspections, homeowners are asked to voluntarily complete information summaries
of their homes. The data secured from these voluntary summaries is added to a
value model and the cumulative data for any given area determines individual
taxable appraised values. The problem with the tax appraised values is they are
an inaccurate measure of values.
So called fee appraisals are based on past
sales and current asking prices for similar properties. Past sales are a
reflection of what buyers actually paid for properties. Current asking prices
are a measure of what sellers perceive the value of their properties to be
today. In general present asking prices are higher than past sales prices.
How then does a buyer determine a realistic
offer or a seller determine an accurate asking price? Buyers determine value by
comparing similar offerings. Smart buyers in fact require data on recent sales
and competing properties before making offers. Sellers also determine price by
comparing recent sale data and prices of competing similar properties.
Gone are the days when a seller can offer
properties at inflated prices with the thought that buyers can just make an
offer. If your property is perceived as overpriced not only will you not
receive offers but you’ll help other sellers sell correctly priced properties.
Buyers today are represented by buyer’s
agents in the vast majority of transactions. Part of your agent’s is to supply
data to you in determining value. Knowing buyers are better informed forces
sellers to examine the market thoroughly before determining price. A seller’s
agent will assist you in pricing your property correctly.
Increase your awareness by gathering
pertinent data before you buy or sell. Any product is only worth what the buyer
is willing to pay.
Whether
you’re thinking about buying or selling or seeking information, rely on RE/MAX
Best Associates 800-391-BEST(2378) or 913-345-BEST(2378) to provide accurate up
to date information about the marketplace today.