Determining Your Home's Price
The real estate market is constantly fluctuating, so pricing is not an exact science. Rather, it's a reasonable figure derived from a number of different components such as:
- The status of the current real estate market.
- The expertise and market knowledge of your real estate associate.
- Hard facts such as lot size, square footage and condition of your home.
- Desirability factors, including location, special amenities and property attributes.
- Selling and listing prices of comparable homes.
- A sophisticated real estate marketing plan.
- Your level of motivation.
It's important to note that the following conditions do not affect your home's price
- The profit you wish to make from the date.
- The amount of money you've spent on improvements.
- What other sources, such as friends and appraisers, have told you it's worth.
- What you originally paid for the home.
There are also some problems that may arise if your home is overpriced
- It can attract lookers, not legitimate buyers
- It implies that you aren't motivated to sell
- It reduces the number of showings
- It helps the competition
- If it doesn't appraise at the higher price a buyer may not be able to secure a loan
- You may ultimately have to drop your price below market value in order to sell