I get asked this all the time by customers - I'm sure most Realtors® answer this question for customers.  What should the answer be?

We don't really know what your home is "worth" and neither does an appraiser.

If you receive an appraisal from a licensed appraiser, what you are receiving is a value based on "intended user/intended use".  If the appraisal was for a refinance, what you have received is based on the "intended user" as the lending institution supplying the funds.  The "intended use" is the refinance.  The appraisal isn't giving you a market value, or giving you a figure where you could market your home.  That's not the intended use.

If you are getting an appraisal because you have a purchase contract on your home, the "intended user" is the mortgage company representing the buyer.  The "intended use" is to substantiate that the contract terms are sufficient to complete the loan.

Real estate licensees in New Mexico are only allowed to give you a range in market value, a suggestion of what where to price your home.  Our suggestion is based on our perception of the market needs, mood and what buyers are buying.  Since there are as many types of buyers as their are homes, what we are doing is trying to place a price on a home that will attract the largest bucket of buyers for the property, and match those buyers with the home's qualities and ammenities.

What really establishes the "worth" of a home is what that particular buyer was willing to pay at that particular time.  What Realtors® do in this process is bring in their own personal knowledge of the marketplace and knowledge of the needs and wants of the buying public.

So, when you call in a real estate professional, remember we are real estate consultants as well as analysists.

Happy selling!