As a team, we believe now is a good time to buy and sell real estate. We also believe it is our job to always deliver the big picture to our clients.
In this changing economic environment, we are observing many of our clients or potential clients, stuck on the definition of “fair” and their interpretation of what “fair” is. In fact, they are so consumed by “fair”, that many are frozen and simply watching the market despite opportunities they could only have dreamed of earlier this year.
If “fair” implies free from favor toward either side, who determines what is “fair” in real estate? Have you heard the term fair market value? According to Rocket Mortgage, fair market value (FMV) in real estate is the determined price that a property will sell for in an open market. The FMV is agreed upon between a willing Buyer and Seller, both of whom are reasonably knowledgeable about the property in question. To determine what fair market value is, it’s better to first look at what FMV isn’t: fair market value isn’t what you (the Buyer or the Seller) think the value is, it’s not necessarily the appraised price, and it also isn’t the tax value.
How do Buyers and Sellers remove the emotion and get past the concept of “fair”? This is where we come in as your trusted advisers. We can help you determine if the transaction aligns with your needs and goals. If it does, yes, it might be lopsided, and the Sellers may be selling for more than you believe is deserved in this market. Or the Buyers may be getting a “deal”. However, buying and selling a home is about so much more than price.
Real estate is a long-term play and a commodity that you get to use and create your life in. The Lamorinda real estate market has one of the best track records in the country.
You don’t always get to buy at the bottom or sell at the top. None of this should matter if the house is the right house. In fact, we polled our past clients, and 100% of those that participated in the survey are glad they bought or sold when they did - 100%!
We can’t control the market, but we can help you win in a shifting market. Perhaps it is time to reframe your goals by looking at the big picture! We’d be honored to be part of the process.
Dana & Team