If you NEED to sell your house, rental property or commercial property in Louisville, KY for Cash NOW, keep reading.
One of the biggest concerns to any property owner in today’s market is falling property values. By now we all know that many people have been stuck ‘under water’, meaning they owe MORE on their property that it’s actual worth in today’s market.
If you are in a position where you owe LESS than what your property is worth, go ahead and pat yourself on the back. Congrats! You are one of the few people in a position of strength in the real estate market today.
But hang on a minute. Let’s be real. Do you know what your property is ACTUAL worth today, right now? It’s been my experience that most people don’t. Some people guess, some base it on what they paid for it, some ask their realtor, some rely on the opinion of family and friends. and still, some see what their new neighbor paid for their house and determine that their house should be worth the same. This is not necessarily so.
Realistically speaking, you probably don’t have an accurate number for the actual current market value of your property. So…
How do you determine the actual value of your property in today’s real estate market and in the future?
This may sound easy on the surface but, in fact, it can be quite tricky.
Here’s what I do when i am determining property value:
Find out what comparable owner occupied houses in the area have sold for in the last 3-6 months. and then,
Find out what comparable foreclosed homes have sold for in the area in the last 3-6 months. This one is BIG (probably the biggest) As a property owner that needs to sell, Banks that own foreclosed homes are YOUR competition. They sell to both investors and owner occupants. In order to be competitive in the market place and actually get your property sold, you need to be priced at or just below these foreclosure prices to look attractive to the largest number of investor buyers or owner occupants.
Find out what the tax assessed value of your property is. Right Now, in Louisville, generally we’re seeing that fixed and renovated houses are selling at about 10% – 15% BELOW their tax assessed value.
You will begin to get a more accurate property value figure after just doing these three things.
Also, when working with investors, remember this:
Most Real Estate Investors are in business for two reasons. To make money. and To help others. Your transaction should be a win win for both parties involved.
I hope this helps you on your journey.
– Adam Walker
The King of The City
I am actively buying rental property, rehab property and commercial property in the Louisville area. If you NEED my help, just ask. Let me know how i can serve you.