What is YOUR property WORTH?
The quick answer to this question is "It's worth what someone is willing to pay for it." The more comprehensive answer and the one that warrants some serious thought, is a combination of factors that determine the true market value of your property.
These are:
- Based on today's market
- Based on today's competition
- Based on today's financing
- Based on today's economic conditions
- Based on buyer's perception of condition
- Based on location
- Based on normal marketing time
The Market Value of Your Property IS NOT:
- What you have in it
- What you need out of it
- What you want
- What you heard another property sold for
- What the assessor's office says it is worth
- How much it is insured for
- Based on what you are paying for another property
Keep in mind that buyers and sellers are much better informed today about true statistical data regarding property sales. The process of pricing a commercial property must be looked at through the eyes of a prospective buyer and the statistical information they have access to. Sellers should be prepared to respond to this, and also to quantify certain information such as the tax records which might not always be accurate, special conditions that effected certain comparable sales, and the condition of comparable properties. A professional commercial real estate sales person can be an objective and knowledgeable asset in this process.
The professionals at Johnson Properties can help you through this process!
Contact Us!