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On this page you will find some tips on pricing and how to present your home so that it’s the most attractive to a buyer that it can be. If you are looking to sell your home or have any questions, don’t hesitate to get in touch with me!
What Is My Home Worth?
At best, you can only guess what your home will be worth to a prospective buyer. If you guess too high, you will discourage many buyers who will consider your property out of their reach. If you undersell it, the property may seem suspicious to cautious prospects, and buyers will wonder what is wrong with it.
Value is not an absolute number. It is based on availability, usefulness, desirability, and need. Modern, well-maintained homes with efficient use of space and attractive looks from the street will sell for properties in similar locations that have none of these features.
Homeowners often confuse cost with value. Several factors should not influence your asking price:
- Your cost. Even though you might have paid a lot because of what you value, a buyer might not feel the same way. Likewise, if you received the property at a steep discount you need not undersell yourself.
- Your investment in improvements. You put in the new kitchen because you enjoyed it, but finding someone who thinks the property is worth $20,000 more because of it is not something to count on. They might even be calculating the cost of replacing it again themselves.
- Assessed value. The assessed value is the number put on the property by local authorities to determine the taxes to be paid on the property (see glossary entry). This number does not typically reflect the total market value of the property.
- Emotion. Watch that you do not ask too much for the property because your daughter took her first steps on the porch. In the same vein, do not let the stress of needing to settle a deal quickly lead you to under-price the home too much.
When a property is listed at a price that reflects fair market value, the greatest number of buyers will see value in the property within a reasonable time frame. To this end, it is recommended to have an expert evaluation of all market conditions that will go into pricing your home. Beware of “front-porch” value estimates that are simply computer-selected properties – look for a real estate professional who has the depth of knowledge necessary to interpret this data and help you understand the best listing strategy for successfully selling your home.
Getting Top Dollar
A few simple and often-overlooked characteristics can make a great impact on how valuable a buyer will find your home:
Keep it neat
The elimination of clutter is very important and gives your home the atmosphere that a buyer is looking for. Many buyers subliminally associate a messy house with house problems.
Emphasis on the kitchen
For today’s home buyer, the kitchen is typically the house’s most important room. It’s an area where form and function are equally important. The kitchen is the center of the house, even if it’s not the center of the floor plan – we prepare food, share meals, sort mail, pay bills, and generally hang out there. While a major kitchen overhaul does not make sense when you are just ready to sell, you will want to do all you can to make sure your kitchen looks its best.
Get rid of odors
Even if you have grown used to certain smells, they can make a sale plummet. When a prospect walks through the door and smells a non-pleasing odor, even if they can’t identify it, they will definitely be turned off.
Repairs and improvements
Neatness, having everything in good working order, and having a modern home are keys to top sales appeal.
The pre-sale inspection
If an inspector seconds your opinion that your home is in good condition, then you have an excellent marketing tool that will help your Realtor sell your home more quickly and for the highest price possible. Your pre-inspection report is your negotiating tool that gives validity and backing power to your asking price. It also instills prospective buyers with a sense of confidence since they are not jumping into uncertain territory.
Have a home warranty in place
Your home will be more marketable and it will discourage downward price negotiation. In addition, you will have protection against costly repair bills at a time when they are least affordable and most inconvenient.