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You must consider these items when pricing your home.
So I guess by now you must be thinking what is going on here? So what DOES matter when pricing my home?
One thing, and one thing only.... What other homes in your neighborhood have sold and closed for. These home would need to be
comparable in size, age and amenities, as your home, if they are not comparable, adjustments will be made by the appraiser. That's
it. That is all that really matters.
You can price a home any price you want, (which is not smart by the way), but if an appraiser will not give it the value you want,
in most cases, you don't have a sale. Lenders will ONLY loan money on what the appraiser says the home is worth. If the
appraiser cannot find any sales to support what YOU want, the lender will not give a buyer a loan.
When you overprice a home, you will cause your home to be on the market longer. Buyer(s) see this as something must be wrong
with the home, and the longer it is on the market, the fewer buyers will show up to look at it. This is a general rule, not gospel!
You do have a couple of options before we get started. In the interest of time, and not totally boring you to death, when we meet I
will go over the choices you have.
Remember this.... EVERYTIME a seller, Realtor and buyer take a low price on a home, they are DRIVING the value down in
that community. While everyone wants a good deal on a home, the neighbors you leave behind will be who reaps what you
sow. Likewise, this could also be done where it affects you as well.
We all affect each other whether we realize it or not.
- It does not matter what you feel your home is worth.
- Sentimental value is not a consideration.
- Hard work in completing repairs and maintenance does NOT add value.
- It does not matter what you paid for it.
- It does not matter what you owe.
- It does not matter how long you have lived in it.
- It does not matter that you have just painted, or put in new carpet. It may help it sell faster, but it does not add value.
So I guess by now you must be thinking what is going on here? So what DOES matter when pricing my home?
One thing, and one thing only.... What other homes in your neighborhood have sold and closed for. These home would need to be
comparable in size, age and amenities, as your home, if they are not comparable, adjustments will be made by the appraiser. That's
it. That is all that really matters.
You can price a home any price you want, (which is not smart by the way), but if an appraiser will not give it the value you want,
in most cases, you don't have a sale. Lenders will ONLY loan money on what the appraiser says the home is worth. If the
appraiser cannot find any sales to support what YOU want, the lender will not give a buyer a loan.
When you overprice a home, you will cause your home to be on the market longer. Buyer(s) see this as something must be wrong
with the home, and the longer it is on the market, the fewer buyers will show up to look at it. This is a general rule, not gospel!
You do have a couple of options before we get started. In the interest of time, and not totally boring you to death, when we meet I
will go over the choices you have.
Remember this.... EVERYTIME a seller, Realtor and buyer take a low price on a home, they are DRIVING the value down in
that community. While everyone wants a good deal on a home, the neighbors you leave behind will be who reaps what you
sow. Likewise, this could also be done where it affects you as well.
We all affect each other whether we realize it or not.
| PRICING YOUR HOME |