Establishing the market value is not an absolute science. But is should be based upon location, the latest ‘like property' sales in your neighborhood, condition of home, features, market inventory and conditions.
Here are some factors that should NOT influence the pricing your home :
- Your cost. The amount you paid, does not affect the current market value.
- Your Investments / Improvements. Sometimes improvements, such as upgraded new kitchen, can influence the asking sales price, but typically you will not recoup the total amount of your improvements. An improvement to you, may not necessarily be an improvement to a potential buyer. Consider the improvements for your enjoyment and use.
- The Assessed Value. This is the value given to your property by the local authorities to determine your real estate taxes. This value does not typically reflect the true market value as it is only a percentage of the value.
- Your Needs. The value of the property should never be what you ‘need' to recoup from the sale. Value it determined by what a buyer is willing to pay for your property in the current market.
- Emotion. How can anyone place a value on either the good or bad emotions/memories associated with your home? Value based on ‘facts' not emotional attachments.
The Real Estate Encyclopedia states that Market Value is: "The highest price in terms of money which a property will bring in a competitive and open market and under all conditions required for a fair sale like the buyer and seller acting prudently with knowledge and neither being affected by undue pressures."
Listing your home for sale at the correct price that reflects fair market value is one of the primary factors that bring a sale in a reasonable time under ANY market conditions.
Selling your home can be exciting, but it also takes work.
Prepare yourself to sell your house. Do your best to see the house, no longer as your home, but as a product to be marketed. Your goal is to get others to see it as their potential home, not yours. The first step in getting your home ready to sell is to "de-personalize" it. Now is the time to fix/repair those problems that you have been putting off. The more your home is 'move in condition' ready, the more buyers will be motived to purchase it.
Feel free to contact us at any time for a FREE market evaluation