Determining Property Value

Factors that influence overpricing:

  • Attempting to recover money invested in renovations and improvements
  • Desire to use profits to purchase a higher-priced home elsewhere
  • Original cost of the house was too high
  • Lack of housing market information
  • Building bargaining room into the price
  • Adding on for perceived emotional value

The benefits of pricing right:

  • Your property sells faster, because it is exposed to more qualified buyers.
  • Your home doesn’t become stale and lose its marketability.
  • The closer your asking price to market value, the higher the offers you’ll receive.
  • A well-priced property can generate competing offers.
  • Real estate agents will be enthusiastic about presenting your property to buyers.

Together, you and your agent will establish a competitive list price for your home based on the following:

  • Location
  • Size
  • Style
  • Condition
  • Community amenities
  • Financing options
  • Housing market conditions (Is it a buyer’s or a seller’s market?)

Once you’ve achieved a realistic sale price (along with a wise marketing strategy prepared by your agent), you can expect to sell your home for the best possible price in the least amount of time.