But I Used Heavy Duty Nails, .....
and other reasons, some sellers think they can or need to overprice their homes!!!
Every so often we meet with sellers in preparation of selling their home or investment property and discuss the current Market Value of the property to hear one of a number of fairly common reasons the Seller feels that their property is worth more than what the current market value and conditions indicate from our research.
We have compiled a bit of a short list of reasons why sellers feel that their home is worth more the the recently sold properties used in a Comparative Market Evaluation or C.M.A.
If you recognize and or relate to one or more of the topics on the Short List, please contact Peter or Linda Pfann, and let's talk and see if we can properly answer your concern.
Over the next few days and or weeks we will introduce some of these very common reasons why some sellers feel that their property is worth more than the market.....
But I / We Used Heavy Duty Nails !
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- This relates to repairs and or upgrades that may have been needed or where essential to the proper maintenance, operation and up keep of the property and any mechanical part of it.
- Buyers in today's market expect and assume that all repairs and maintenance is done and all parts of a home, they might be considering for purchase, are in proper working condition.....
- Just the fact that you fixed it, and or made essential improvements to a previously broken or not properly functioning component or area of your property does not make the property worth more.......
- These repairs and upgrades just sustain and confirm the property value......
- Not completing repairs and or essential repairs will in fact lower the property value from the evaluation, and often cause inspectors to to find them and have buyers collapse an otherwise solid sale of your property.
- Most if not all Realtors and their buyer clients know that repairs and or required upgrades, are just that "regular upkeep and maintenance", not really an added value!
- This relates to repairs and or upgrades that may have been needed or where essential to the proper maintenance, operation and up keep of the property and any mechanical part of it.
But I / We Need $........ in order to make our Move work for me/us !
- This is likely the most common reason why sellers feel compelled to over price their Property.
- In establishing "Market Value" (the meeting point where buyers, sellers and the lenders all agree) your personal needs or wants really are not the determining factor.
- Example, if you bought Gold as an investment for say $ 1,000.00 an Ounce, but the prices dropped now to $ 500.00, regardless of your need for recouping your investment, there is not a buyer that will pay you $ 1,000.00 per Ounce, or even $ 525.00 per Ounce...... The exact same thing applies to property.
- If the "Current Market Value" or your property is not reaching your expectations, there is no way to change the market (by your self) to improve it, so you have 4 options......
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- Don't Sell, and wait until the market improves.
- Lower your "Needed $$$ Expectations.
- Make improvements and or offer Terms that actually add Value to your Property.
- Decide Try to Sell at the Higher Price and most likely become Disappointed and or Frustrated with the lack of results...
- Don't Sell, and wait until the market improves.
If you are considering to buy or sell real estate in and around greater Victoria, and want to know more about your area of choice or where your current property is, We also offer a Pfanntastic Web based Tool, that will keep you informed about Market activity (new listings, sales and adjustments) stat, graphs and a variety of additional handy tools for your benefit.
We call it Victoria Market Snapshot, and this amazing little tool will ask you a few questions, and will then provide you with a monthly snapshot of the property type(s), location (s) and activity by emailing you a quick link to this totally personalized tool. This Pfanntastic Market Snapshot Service is Free, the information is Invaluable, and will provide great insight and assistance in achieving your real estate objectives.
Be sure to also check out our Full access MLS Personalized Property Searches that will inform you by email of any new and or updated listings according to your personal requirements.
Click Here For Access to all the MLS listings,
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- This is likely the most common reason why sellers feel compelled to over price their Property.
This Information was provided to you compliments of Victoria BC Realtors, "Peter and Linda Pfann", Certified Professional Consultant on Aging (CPCA)®. CPCAs are committed to providing exceptional service, and have supplemented their professional training by learning about the unique and changing needs of the 50+ population.
Make sure that the professionals serving you have taken the time and made the commitment to learn more about YOU! To find CPCAs in good standing in your area, go to www.CPCAcanada.com. or www.pfanntastic.com and www.victoriasm.com. To Find additional Victoria, BC, Canada, Senior Focused Resources, please visit "The Elder Friendly Community Network" at www.efcn.ca.
To Find out how we serve Greater Victoria Boomers and Seniors and their families with their real estate plans and needs in and around Greater Victoria BC, please call Peter and Linda Pfann in Victoria BC, Canada at (250)-213-9490 or info@pfanntastic.com.
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