Price and Condition Are Synonymous.... Not Exclusive of Each Other

Charita congratulations on the feature post, I love how you touch on the fct a whnplacing a vaue on a home, you dont use every home that sold in your neighborhood as a comp, just the ones that are similar. Price certainly can make up for a poor condition but what sellers do not always realize is how fast and low a price can fall when the condition is poor or a home needs work.

Charita- This is such a well deserved feature. I think it's excellent advice that you point out not all homes that have sold in a neighborhood are comps. If buyers don't see the value in a home it just won't sell over the competition. Great post!!

Thanks so much for the fabulous words to pass on to the client. It always helps to have an unbiased party's words to support your own!  Challenge to conquer right now as I am doing a proposal.

Very helpful post Charita.  More than ever, I think buyers are looking at condition and aren't willing to take on maintenance that should have been performed by the sellers. 

Hi Charita, we agree.  It really is all about price.  At the right price anything in any condition will sell.

Great points Charita! Even though it's what I would consider to be a "sellers market" here in CA, you can't expect top dollar if your home is dated and the comps are all upgraded.

Thanks for the post and have a great week's end!

Gina

People always grab every advantage - in their mind - for their home, but they need to be realistic.

Great point! Hopefully many sellers will read your post!

OK, stuck in a rut on Price and condition. Price depends on condition, price depends on price, price depends on location, priced depends on demand, price depends on terms, price depends on seller motivation, price depends on buyer motivation, price depends on available financing, price depends on school district, price depends on water supply, price depends on this and on that, and not a single one of them equates with price, they are all a part of price, get it price, not a separate component, price is all the components put together, the total sum of the parts, comparing a part to the whole is a poor comparison method. I don't come up with the price of a car by just checking out the tires.

Charita, you have tied together two of the three words that are most important to a Seller - price, condition and location. Location can't be changed, but price and condition entwine as you say. This is so worthy of a Feature!

Sharon

   True....true...assuming that they will live there forever....easier to look at issues one at a time and more frequently than wait until sale time and find there are tons of things to be done all at once.

So true - great post. There is more to just looking at comps and condition plays a key role in a buyer's willingness to buy. Regards Dave

Lot's of great common sense info here. We all just need a littl reminding now and then.

Hello Charita -- and pricing it right upfront rather than testing the market is always preferable in my opinion.  Lots of great advice and comments.  Congrats on the feature.

What you say is correct Charita and holds true for how appraisers pick and analyze comparables.  I sometimes get homeowners that ask me why their home did not appraise for as much as the house down the street.  I explain to them that that house was bigger, or had more upgrades, or had recent repairs and renovations.  Appraisers do make adjustments for the very things you describe. If you don't want to add square footage to increase the value of your home you can at least make repairs and keep it up to date.  Thanks for the pointing these things out Charita.