5 Reasons Your Neighbor's House is Worth More Than Yours

Reblogger Eric Kodner
Real Estate Broker/Owner with Madeline Island Realty 50317-90
https://activerain.com/droplet/54tR

Thank goodness for the re-blog feature on Active Rain!

 

Here's a real gem from real estate pro (and Broker) Debe Maxwell in Charlotte, North Carolina.

 

We regularly hear the question from our Madeline Island and Bayfield (Wisconsin) Sellers, "why did that house sell for more than ours?"  

 

Sellers can be notoriously unable to be impartial  when it comes to evaluating their own home for sale versus the features and advantages of competing homes in the same area.  Explaining those differences takes a degree of diplomacy, sprinkled with a healty measure of reality.  Some agents are good at this, while others are not.

 

Listing agents sometimes "chicken out" when it comes to telling a seller what they need  to hear, instead of what they want  to hear.  It never works well to avoid talking with sellers about potential challenges and pitfalls, just in order to get the listing. 

 

Read on! 

 

 

Original content by Debe Maxwell, CRS 228209

5 Reasons Your Neighbor's House is Worth More Than Yours 

Really? Is our Charlotte home worth that much?

 

It's time to list your home and you've been seeing the sales prices of the homes around you and you're overly excited that your home is going to sell for SO much more than you ever thought it would! Your neighbor's home did...so yours is bound to as well, right?

 

Not so fast!  I've run into this on more than one occasion each and every week this month and here is my advice as to why your home may not hold the same value as your neighbors' homes:

  1. Updates, updates, updates!  Updates are simply at the top of the list for home buyers these days - time is a factor in everything as we find ourselves running in 100 different directions each day and cannot fathom buying a home that needs updates. Therefore, if your home isn't updated to the latest 'wants' of home buyers in your area, you are going to have to reduce your price accordingly.  

  2. Outdated updates.  You did updates but, they were done 10 years ago.  You're still not going to realize the same value that your neighbors who updated their home in the last 0 - 5 years will.  It stinks but, side-by-side, the two homes will not compare to the more discriminating buyers that we are seeing in 2017.

  3. Is it lacking something? A bathroom? Updating? Pizazz?You're short a bathroom! Your neighbors' homes have one additional full bathroom.

    Yes, many of us were raised in a 3-bedroom, 1-bath home but, we have all become spoiled by the highly affordable cost of installing and maintaining extra bathrooms so, now we demand them. I recently had a seller add a full bath (stand-up shower) for $9,000. They got far more on the sale of that home because of that one additional bathroom with the sale of their home. That $9,000 pre-listing investment made them significantly more money!

  4. No pizazz!  Buyers love pizazz these days and if your neighbors' homes have more of it, they'll sell quicker and for more money. The bones of your home may be better but, buyers are looking for that 'WOW home" in 2017.  So, let's stage it and WOW them!

  5. Better First Impressions.  Let's get the landscaper out, plant a few colorful flowers in pots by the front door, paint the front door and powerwash everything!  First impressions truly make a difference!

Now, let's make your Charlotte home a WOW listing!


I know what you're thinking - "Those last two don't have any additional value when it comes to appraisals."  YES THEY DO!  I can site listing after listing that have gone into multiple Offer situations and we anticipated issues with appraisals.

The sellers were instructed to have their homes 'show-ready' for the second most important showing - the appraisal - they did so and it appraised!  

Subjectivity is a fact of life that we have learned to deal with when it comes to appraisals!

So, if you're thinking of selling, let's talk about how these factors may come into play with your home sale.  Let's go tour your competitors' homes and see what we need to do to make your home shine over your neighbors' homes!  

Read More Charlotte Home Seller Tips:

Pricing Your Home for Sale, Myth vs. Reality

Selling Your Charlotte Home – Leave the Emotions Out of the Equation

Pricing is CRITICAL When Selling Your Charlotte Real Estate

Charlotte Home Seller Tips – Redefine Your Market Value

Charlotte Home Seller Tips – Do Your Research

Charlotte Home Seller Tips – Extend Your Selling Season

 

© Debe Maxwell | (704) 491-3310 | The Maxwell House Group | CharlotteBroker@icloud.com |5 Reasons Your Neighbor's House is Worth More Than Yours

     search charlotte real estate information at www.icharlotterealestate.com 

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Debe Maxwell, Realtor®/Broker/CRS
CharlotteBroker@icloud.com

Direct:  (704) 491-3310

 

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Topic:
Home Selling
Location:
Wisconsin Ashland County La Pointe
Groups:
WaterFront Homes
Wisconsin Homes for Sale
Vacation and Second homes
WATERFRONT REAL ESTATE
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madeline island and bayfield wisconsin sellers

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Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Eric. Time is money. Tell them what they need to know to sell! Enjoy your day!

May 08, 2017 08:45 AM #1
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Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (800) 591-6121

Another reason is what I call "choppy functionality".  Sometimes when people remodel or add on to their home, they do not give much leverage to the original floorplan in order to keep the flow, so that when people walk into the home the end result is confusion with the new floor plan.  That is a big turn off for new buyers.

May 08, 2017 08:50 AM #2
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Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

This was an excellent choice for a reblog today

May 08, 2017 09:12 AM #3
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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

This is a great choice for a reblog.  No two homes are the same!

May 08, 2017 09:31 AM #4
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Eric Kodner

CRS, Madeline Island Realty, LaPointe, WI 54850 -
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