1. All owners would like to get the price they feel they should get for their home when they choose to sell. The reality is, their home is worth what it is worth, and that is the price a buyer is willing to pay. A buyer will not pay more for a home than what they would have to pay for another home with similar features and amenities in a similar location, this is the "Principle of Substitution."
2. Whether a home was purchased 25 years ago or 3 years ago the purchase price was the value when it was purchased and has nothing to do with it's current market value when being sold. Obviously, homeowners with long term ownership and substantial equity can make selling decisions easier than owners selling their home without the benefit of real estate appreciation.
3. While it is true that the condition of a home has a definite affect on its market value, and that a well maintained home will sell for more than a home in need of updating and repairs, the actual cost of a making repairs and improvements may not be equal to the increase in market value. Why? Cost does not necessarily equal value in real estate.
4. How much the seller needs whether a home owner has owned their home for 30 years and has no mortgage, or is one who has owned for only a few years with a mortgage balance, the market value of their home is what it is; and has nothing to do with mortgage balance or what an owner needs to purchase another home.
7 Listings Sold; 66 Days on Market; Average Sold Price: #108,557
Types of Financing: Conventional: 4; 1 FHA; 1: Farmers Home: 1 Cash
Sioux City MLS: Residential Stats:
133 Listings Sold:
315 Active Listings
154 Days on Market
$147,195 Average List Price
Residential info for Sioux City and Surrounding:
Active Listings: 1/31/09: 798 Days on Market: 201 Avg. List Price: $160,658
Residential info Sioux City only:
Active Listings: 1/31/09: 380 Days on Market: 179 Avg. List Price: $137,484
Le Mars MLS; Le Mars Residential Only:
Active Listings: 2/24/09: 48
Days on Market: 172
Avg. List Price: $167,012