Value and What Every Seller Should Remember...
As a home seller you want to place your home on the market and have it sold as quickly as possible. We as your REALTOR® want the same thing but, there are just a couple of things about value that you may want to know as you begin the selling process. So, here are a few ideas to help you in the home selling process.
DEMAND - Just like beauty, demand is in the eye of the beholder. It varies from person to person. The demand for a particular piece of real estate changes as the wants of each individual changes. So you as the seller need to have your home stand head and shoulders above the competition so the DEMAND is greater for your home and not the one down the street.
UTILITY - In order for real estate to have value it must have USEFULNESS or UTILITY. Usefulness creates a desire for possession and has the power to give satisfaction. Will the typical buyer in the marketplace have their needs met by purchasing your home?
SCARCITY - In order for real estate to be of value it must be relatively scarce. If too many houses like yours are for sale, it will negatively impact the value of your home. Remember your economics class on supply and demand? So, if you live in an area where in an area where there are a lot of homes on the market refer back to my first point and remember that now pricing will come into play when listing your home.
PURCHASING POWER - Purchasing Power is created by desire. Can the buyer who desires the property afford the property? The more people that can afford the property the better. If you were to price your home at or just 5% below what the market value is you will increase the opportunity of not only selling quickly but also multiple offers. Why is that you ask? Because you have now done something that the seller down the street or maybe within a mile radius of your home hasn't, you have increased:
Demand by having your home stand head and shoulders above the competition in your pricing strategy.
The Utility of the home because, what may not have been considered at a higher price, will now be overlooked by the buyer because of the pricing.
The Scarcity of your home since you have taken the steps to improve its VALUE. Now buyers and their agents see the value in your home above the others on the market.
The Buyers' Purchasing Power, in addition to increasing their desire to purchase your home.
So, what does this do for you the home seller? It will get your home sold for the highest dollar, in the shortest amount of time and, with the least amount of hassles. And that is what you want when selling your home, isn't it?
Don't loose a perspective buyer. Start taking action now and you will be ready when that first buyer walks thru your front door
Remember if you are looking for an agent in O'Fallon Missouri or anywhere in the St Charles County Missouri area to list and sell your home give Don Rogers a call at 314-954-6775 or send me an email at Don@DRogersHomes.com and we can begin the home selling process. There are a lot of real estate agents the St Charles County area but none better to give you the proper information and help to get your home SOLD.
Other related topics: