What is MY home worth?

Pricing of your home is a delicate but very important step to getting your home sold, and here are some criteria to evaluate:

How does your home show in comparison to similar homes “on the market”?

I often like to schedule a preview appointment to take a look at similar homes in the area that most closely match the home’s criteria. Why? My listing will probably be shown in the same day as other homes in a price range. I’d want to know what buyers are comparing. Also, most buyers are not limited to your neighborhood. Do your research based on similar homes in and outside of you area, even city. Buyers usually do not look just in one area.

How long are the homes of similar style on the market? Why aren’t they selling?

This is key! If you are basing the listing price of your home on your neighbors listing price, try not to make their mistakes. We see home sellers make a price decision based on neighbors homes, friends comments, non-Realtor suggestions, and I’m sorry to report, unless these people see home sales every day, they are guessing just like you. Invite a Realtor and request a CMA - Comparative Market Analysis - determine market days : home price ratio.

My house is worth more…?

The exciting but tricky part of real estate is that no two homes are alike. Determining home value with additions, pools, basements, and updates is not a simple thing to evaluate. Please realize that what you view as valuable is not always what buyers or home appraisers see as added value.

2ndly, many improvements are not equal the cost of improvements. A $70,000 home addition may only be worth $25,000 on the open market. If you are looking for face value on your return, you may find disappointment.

Your financial limitations and abilities.

One of the toughest situations many home sellers face today is the lack of equity in their home, especially when they have to include room for negotiation, Realtor fees, closing costs, and other expenses. Depending on how long ago you may have purchased your property, and the amount of down payment you put when making the purchase, this will help determine your lited price. Here are a few things to keep in mind:

• If you are in a tough financial situation, pricing your home high to get more money may result in you sitting on the market longer, depleting your monthly income and potentially may negatively impacting your financial situation. Sometimes getting out early is the best solution, but consult an agent before final decision.
• Your asking price needs to consider property value, not the amount you would like to make on your investment. Limitations apply.
• There are alternatives to selling that can help in financial distress. Please contact a specialist such as an attorney, or financial adviser.

• Your timing.
• Your motivation.
• Other situational circumstances.