Salt Lake City Real Estate Tips, Market Updates and

Local Happenings

By Real Estate Expert KathyOHomes

How a Salt Lake City Utah Real Estate Agent Decides on the Listing Price for your Home

When you are ready to sell your Salt Lake City Utah home, whether you use a real estate agent or not, you need to have a market analysis in order to price it correctly, according to real estate professional Kathy Opolski with RE/MAX Associates.  But trying to do one yourself with online information probably won't be accurate so it is best to utilize the services of a professional.

The most important thing to remember about a market analysis is that you are only being given the information as it is available to the agent.  When Salt Lake City Utah sellers put their house on the market they typically have a price in mind before they talk to a real estate agent.  They may have an amount that they want to have in order for the sale to be worthwhile for them.  And they may even have to clear a certain amount in order to get into their new home.  Unfortunately, in a market analysis none of this matters.

When an agent compiles a market analysis they can only use the facts from the computer.  The first step is to look at the comparable homes that have sold in the Salt Lake City Utah neighborhood with comparable being the operative word.  If the homes that have sold do not closely resemble your home then adjustments have to be made.  For instance, if a comparable home has an additional bedroom that yours doesn't then you have to deduct the value of a bedroom.

An important point with sold homes is the sold price at closing- not the asking price.  This may differ by tens of thousands of dollars.  What someone is asking is irrelevant: what it sells for is what is important.  Neighbors may quote prices, what they paid, what it appraised for, etc., but, again, that is not where the information will come from.

If there are foreclosures in the neighborhood within the last six months they will have to be considered as comparables.  This will probably bring down the value, but this is the exact same information that the appraiser will use when they appraise it for the lender.  There is no way around this.

Another common problem is how much current Salt Lake City Utah homes for sale are listed for.  These homes have not sold yet so their information is irrelevant.  Just because someone may be asking more for their home doesn't mean it is worth that much.

For information on how much your home is worth, contact Salt Lake City Utah real estate agent Kathy Opolski at 801-518-4599.

There is a lot of free information available about buying, selling or investing in Holladay and Salt Lake City, Utah real estate.  For complete information about the Salt Lake City real estate market including foreclosures, short sales and more, visit the website dedicated to everything Salt Lake City Utah real estate.

For a FREE Weekly List of Foreclosed Homes with 4-5 Bedrooms in Salt Lake City, UT under $150,000 fill in the form below and you will receive home listings as they hit the market.  You will get all the hot listings as they come up even before most agents see them!

Just fill in the form below with your correct name and e-mail address and we will set it up to have the list automatically e-mailed to you.  Just add it in the comments if you have an interest in Short Sales and HUD homes too!

If you or someone you know are in need of a competent and caring real estate professional in or near Salt Lake City, Utah, I will be happy to help, just call me at 801-518-4599.

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