Determining market value when listing

A topic I am confronted with as I talk to prospective Sellers is one of a false sense of optimism about the marketability of their home. Selling a home today can be as easy or hard as one wants to make it…however, a dose of reality is the medicine required to market a home, given the variable present in today’s market economy

A factor that has no bearing on market value is the amount you paid for your property. It doesn’t always go up in value after you bought it, especially if you purchased a home within last few years. Also, if you bought your home below market value, you may have to sell that way yourself.  Many homes purchased in the last few years have not appreciated in value and these factors must be considered:

You can’t base the sales price on:

what you spent on redecorating

what a neighbor got for his/her property

your emotional attachment to your home

how much money you need to purchase your next house.

When thinking about a move, carefully listen to your real estate professional, and get answers to important questions, such as:

What is the competition and how many properties are there on the market?

How long have homes been on the market?

What are the good points and the bad points as far as salability?

What can be done, such as staging, to hasten a quick sale? Remember, a few dollars well spent can go a long way toward improving marketability.

If your home or condominium is clean, in good condition, and priced within the range of similar selling properties, it should attract a serious buyer within a reasonable period of time.

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