1. The longer a home sits on the market the higher the price it will bring. Actually, just the opposite. National Association of Realtor statistics show that the longer a home sits on the market, the further off of actual market value it will sell for. It also takes longer to sell due to the series of price reductions necessary to wind up appropriately priced. Do not list your home until you are ready to price it appropriately so that it will sell within 90 days.
2. More marketing will make a home sell for a higher price. More marketing may bring more people to look at your home but it will not cause someone to pay a higher price than they think is fair based on their comparison shopping.
3. $40,000 in upgrades should make the home sell for $40,000 more. Upgrades are installed at retail price in new condition. When you sell, upgrades are used products and will not bring retail price again.
4. My new air-conditioners (roof, etc...) cost me $17,000. I should raise the price to reflect my cost. Certain components are expected to be in every home because they are customary in our market. Recently replaced components help the salability of your home but do not necessarily increase the value dollar for dollar.
5. The neighbors home just sold for $xxx,xxx so mine should sell for that much or more. Each home has its' own appeal and will sell based on that appeal.
6. Buyers can make an offer if they feel the price is too high. Buyers are hesitant to make an offer on an overpriced home. They may not even choose to see it. There are many other homes in our market to choose from that are appropriately priced for buyers to choose from and buyers do not like to waste time on what they feel may be an unrealistic seller.
Which way is the value of YOUR home headed?
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