Grand Strand Property Values

Pricing Your Property

One of the key components to getting your home sold quickly for top dollar is understanding it’s current market value and  pricing it right.

Over priced homes just don’t sell. Buyers today are smart and have access to lots of information, including home sales information. If they believe your home is over priced they won’t bother to look at it. They expect good value for their money, even in a “hot” market.

Most of the homes that languish on the market for months with little activity are just overpriced for the current market.

Conversely, you don’t want to under price your home for obvious reasons. You want to get as much as you can for your home.

Traditionally, there are two methods to ‘value” your property. An appraisal or a comparable sales analysis.

An appraisal is performed by a licensed appraiser and takes comparable sales values, condition, and other factors into consideration. An appraisal will cost $300 to $500. Appraisals are considered to be the most accurate valuation method are the only method accepted by lenders.

A comparable sales analysis is provided free by most real estate agents. In it’s simplest form it is just a summary report of sold prices for homes similar to yours that have sold recently. To be accurate, you want very recent sales, 3 to 6 months, and homes as similar in size and style to yours as possible that are in close proximity to you, in the same neighborhood if possible.

There are also several automated “Home Valuation” websites available for public use that allow you to generate your own comparable sales report. Most of these are sponsored by real estate agents or loan brokers and are used to generate sales leads. You will be required to give an email address and other information to get “your free report”. These websites will then sell your information to real estate agents who are interested in obtaining your listing.

The most infamous of the automated valuations is Zillow’s “Zestimate”. Zillows Zestimates are notoriously inaccurate but they are getting better as more owners and real estate agents update their database.

The most accurate comparable sales information is obtained by appraisers and real estate agents directly from the local MLS. Realtors® are required by their MLS associations to update the sales information for all sold listings in a timely manner.

You can view the most recent MLS sales data for your Myrtle Beach or Grand Strand property without signing up for anything at www.grandstrandpropertyvalues.com. Custom, detailed property valuation reports are also available upon request.

Next to a professional appraisal, nothing beats an experienced real estate broker taking a live look at your property and nearby listings and reviewing the sales data with you. Computers can’t give you an accurate value. It takes real estate experience to fine tune your home’s pricing.

I’ve sold homes 10% above the neighborhood average because the homes had more to offer. I’ve also had clients who had to sell for less than the neighborhood average because their homes weren’t up to standards. 

Buyers will pay premium prices for features and benefits they desire but they won’t pay extra for the owners “sentimental” value.

Online Valuation Resources …

Grand Strand Property Values
Realtor®.Com
Bank of America Market Value
Chase Home Value Estimator

Monthly Market Statistics – Coastal Carolina association of Realtors.

Grand Strand Market Report March 2017