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Market Value of Your Home = What a Buyer is Willing to Pay

By
Real Estate Agent with Berkshire Hathaway HomeServices Abbott Realtors

The good news is that today's market is a strong BUYERS market. What this means to you, the seller, is that if you are prepared to market your home in this climate --- you will sell your home.

What do I mean by "prepared to sell your home?"

One of the most effective ways to sell your home is to price your home according to today's current market. There are more homes available and more choices for buyers. You have to work with someone who is prepared to look hard at the sales data. This data will tell you --- by the statistics --- what is selling and for what price.

I am often asked, "What is the market value of my home?"

The answer is quite simply and realistically, "What the buyer is willing to pay."

This is not subjective. This is not based on a gut feeling, on just on an opinion or how well your home is decorated or staged. Don't get me wrong, presentation does help differentiate one home from another but ... Pricing and value is based on real, hard data that is up-to-the-minute and relevant to your situation. Let's look at few home sales FACTS:

The market value of your home is NOT:

What you spent on improvements.

What you want or need to sell it for.

What you paid for it.

What it appraised for.

Market Value is based on What a Buyer will PAY:

Based on price & value.

Based on today's local market and the competition.

Based on the perceived condition of the home.

Based on LOCATION.

Based on financing availability.

Through experience --- in this market --- we have narrowed our options down to 4 major and critical points that must be addressed in order to effectively market your home in this environment.

4 POINTS to SELL YOUR HOME TODAY.

1. Proper Pricing.

2. Proper compensation for the Listing and/or Selling brokers.

3. Buyer DRAW and their "Piece of Mind"

4. Effective & consistent MULTI-MEDIA advertising.

Working as a team with your agent will derive the best results. And, it is imperative to keep your home "in front of the market" as far as pricing, draw and advertising. Doing so --- will result in the sale of you home in the fastest most reasonable manner at the highest and best price for the market.

Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
Retired New Hampshire Home Stager

As a stager, I am so glad you have "market value is based on perceived condition" listed.  It is all about perception when it comes to preparing a home.  The right preparation, staging, will give the perception the home was well maintained, the perception of space, the perception of value.  For the offer to come in, you must make the home appeal emotionally to a buyer.

Dec 02, 2008 04:42 AM
Pamela STETSON
Berkshire Hathaway HomeServices Abbott Realtors - Mahwah, NJ
I would love to help you buy or sell your home!

I cannot agree MORE!!! And, I wish sellers would stage first --- not after 90 days on the market. Just like pricing, etc. it should be done before introducing the home to the market...not during or after! Thanks again for reading and your comments.

Dec 02, 2008 04:57 AM
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Wonderful post!  It's hard for sellers to come to the realization that they will not recoup every penny that they have ever invested in their home.  It's even harder to get them to understand that the kitchen they remodeled in 1985 is no longer "new" :)

Dec 04, 2008 01:13 AM
Pamela STETSON
Berkshire Hathaway HomeServices Abbott Realtors - Mahwah, NJ
I would love to help you buy or sell your home!

Hello Lisa --- thank you for your comments and for reading. I cannot agree more! By the way, how are you in NOrleans...My daughter recently applied to Tulane. We love it there. Just don't know if we can get her back and forth...with all that is going on. Take care and thanks for reading.

Dec 04, 2008 03:43 AM
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Pamela, NOLA is good and I think that your daughter would LOVE Tulane! Let me know if you need any info about the city - I'd be happy to help.

Dec 04, 2008 06:27 AM