Putting Value on Your Home

After you have finished renovating our home, it’s already time for buyers to see it.  But have you already seriously thought of its selling price?  This is one of the most important issues that you have to settle before finally entertaining homebuyers.  You should know the difference between “price” and “value” when you’re trying to sell your home.

Most sellers like to believe that their homes are the most precious of all houses being offered for sale and so it deserves a high price.  But when you get inside to see what makes it stand out among the rest, you see nothing extraordinary.  Homeowners usually give the best description about their property and some even exaggerate it just to be able to attract buyers. For instance, a seller describes his house as having 4 bedrooms all having toilet and bath, fully furnished kitchen with granite countertops, and an amazing view.  This description is the kind of description that you will mostly see in classified ads and what’s so different about it?  This is how most sellers think and this is what you should avoid if you really want to sell your home.

In order for you to rise among your competitors, you have to have an attractive and reasonable price.  Concentrate more on this factor rather than in the description of your home.  If buyers see that your home is priced competitively, they will definitely get interested in it and they become one of your prospective buyers.  You also have to base you price on to the current market condition in your area so you could come up with the most realistic price.

Price and value are two words with totally different meaning, but are absolutely interconnected with each other, and both of them can tell whether how long your property will stay in the market.  I’ll give you a concrete example so you could understand better.  Let’s say your home is valued at $250,000 and what you can do is to price it either higher or lower.  You are free to sell it at $800,000, which is three times more than its value.  Or, you can offer it to buyers at $150,000 and with this kind of offer, expect that homebuyers will come rushing to your home.  But in case you don’t get a nice offer in either ways, you may opt to postpone selling your home.

When selling a home, you can’t just dictate a price without any basis.  The price has to be reasonable for buyers so you will be able to sell it fast.

Published by in How To, Tips, and Advice, Real Estate, on October 3rd, 2010


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