Every homeowner out there would like to think their home is one of the best in the neighborhood. Who doesn't think their home is the best? In many cases, they're right. But when it comes to determining the true market value of a home there's a lot to consider and what you think of your home doesn't mean squat!
Most real estate agents research what similar homes have sold for and price the home accordingly. Others look at what current homes are asking for and try to stay within the competition. This is WRONG! A current asking price is a wish. It doesn't mean that's the market value of a home.
Another option is to get an appraisal on your home before listing it. This is a great idea and can give you an idea of what your home's market value is. BUT every appraiser is different and believe it or not but appraisals can vary from one person's opinion to another.
So how do you know what your home is truely worth? You price it fairly based on what homes have sold for in the area and let the market tell you if you priced it correctly! The National Association of Realtors says you should have an offer by 7-10 showings. So if you haven't received one yet, you should look into a price adjustment. Also, if your home has been on the market a few weeks and you've had no activity then you need to adjust the price quickly! If not, you'll lose the current buyers in the market.
Buyer's love a new listing and if they're not looking at yours there's a reason for it. While it's true agents vary on how well they can sell your home even the best marketing plan in the world won't work if the home is priced wrong from the start. You'll lose those active buyers and will have to wait for a new cycle of buyers to come into the market.
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