Your home's value is but a moment in time. It's constantly fluctuating. Like the stock market, your home is a commodity to be traded and on any given day there are controllable and uncontrollable variables which will have a direct impact on value.
Your home may "trade" higher or lower depending on the variables at hand. Two of the uncontrollable variables are Market Trends and Economic Conditions. Important Market Trend factors are:
1) Competition - For example, five more homes similar to yours just came on the market;
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2) Motivation - Your neighbor just lost his job and wants to sell his home quickly so he puts it on far below market price.
Economic Conditions on the other hand, may be affected by a recession, a major employer moves out of town or simply the mortgage rates rise. All or any of these can directly impact the value of your home at any time. When a realtor provides you with a market analysis on your home, it really is a snapshot in time. Next month, next week or as quickly as tomorrow, your home's value may change.
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Is this a "cop out" by realtors? Not at all. Once the realtor gives you a value for your home, it is subject to change from that moment on. It is the realtor's responsibility to keep you informed and appraised of any changes in your marketplace which could impact your home's marketablility. Keep in mind, there are controllable variable too which you should know in order to maximize your home's value and the price at which it can sell.
Call Bobbi Loughran of Team Bobbi at 203-209-8675 and ask her to share these imp0rtant tips with you prior to selling your home.
