Sellers are wondering about homes value.

By
Real Estate Broker/Owner with Weichert Realtors - Real Market
What’s Wrong With The Price I Want To List At? This question is being asked more today by home owners looking to sell their homes. Sellers are surprised to find that their home value is lower than expected and wonder why. Within this muse, there are two sides to the issue; the seller’s and the buyer’s. On the seller’s side, many sellers look at what their neighbor’s home sold for. Sellers may have also put money into their homes updating or repairing them and they expect to get those costs back plus some. Lastly, sellers may feel their homes unique features, which they love, will make it as desirable to others. These opinions however are flawed. Buyers have a strong sense that a home purchase today could be worth less tomorrow due to a declining housing market. Combine this with the fact that borrowing money has become more difficult, buyers naturally feel that they must make a careful investment. Buyers need to see a competitively priced home in order to ignite an offer. This does not mean that the seller has to give the house away. What it does mean is that a house is worth only what a buyer is willing to pay for it. The consumer is the true determinate of a homes market value. To view homes for sale in your area or request an opinion of value emailed to you, go to: www.weichertrm.com

Comments (3)

Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

Hi Chris nice picture, but it doesnt really work. However the age old question as to sellers reamins. Especailly hard to the issue of an appraisal which is higher than the market

 

Nov 27, 2007 10:48 PM
Christopher Summers
Weichert Realtors - Real Market - Medfield, MA

Hi Charlie,

I fixed the picture, thanks.  Yes, assesments are higher than maket value in our area as well.  Of course assesments are a double edged sword, too high and you waste tax dollars, too low and buyer use it to discount the home.  Nothing substitues for a close look at recent market activity, wether getting a buyer to see the value or the taxman to grant an abatement!

Nov 27, 2007 10:53 PM
Diane Bell, Hilton Head Real Estate, Bluffton
Charter 1 Real Estate, Hilton Head, Bluffton, SC - Hilton Head Island, SC

Chris,

Some good ideas in your post--Yes, it is difficult for sellers to understand current market conditions.  I advise my sellers that their pricing is only as good as what their neighbor's home sold for last week.

Nov 27, 2007 10:55 PM