ITEMS THAT DO EFFECT VALUE

Market Value - What the market will bear. What a willing buyer will pay and a willing seller will accept. This data is based on similar sales in the past 6 months as well as similar homes that are currently For Sale.

Location, Location, Location - The neighborhood surrounding your home is a big factor! Your home may be de-valued if surrounded by much smaller homes... or on the other hand be worth more if surrounded by larger homes

Your Value Is Affected by The Homes In Your Neighborhood!

Condition - Homes in top condition bring top price! Homes in poor condition do not!

Improvements -The cost of the improvement or amenity may or may not be recovered upon sale.

Example : House # 1 Bring in natural gas... Cost $1,200 Value of home is $80,000

Example : House # 2 Bring in natural gas. Home is further from the street and has concrete driveway to go under... Cost $3,500 Value of home is still... $80,000

Note: Improvements that will bring a higher resale price are kitchen and bath remodelling, additions, landscaping, etc...

The Ten Most Common Heard Pricing Comments From Sellers

(Which have absolutely nothing to do with current value)

1. Our home is the nicest one in the neighborhood.

2. Buyers will offer less than what it is listed for, anyway.

3. The last agent we talked to said our home was worth more.

4. Our neighbor got his price. (Are you sure he is telling the truth?)

5. We can always lower our price, we can't go up.

6. We need to get this much out of our home so we can buy another.

7. A buyer can certainly make an offer.

8. Can't we try it at our price for a month or two and see what happens?

9. We paid a higher price than that when we bought the home.

10. We don't want to give it away. (If you are, I'll take it!)

Pricing it correctly... From the get go will bring the best results!

1. 1-IN-100 CHANCE - FINDING THAT ONE UNUSUAL BUYER WHO WILL PAY YOUR INFLATED PRICE IS POSSIBLE, BUT NOT PROBABLE IN THIS MARKET IN THE NEAR FUTURE... IF YOU DO FIND THAT BUYER YOU WILL BE AT THE MERCY OF THE APPRAISER FOR THE SALE TO GO THROUGH UNLESS THE BUYER IS PAYING CASH!

2. FAIR MARKET VALUE RANGE - WHERE THE MOST QUALIFIED BUYERS ARE MORE LIKELY TO BUY... YOUR BEST OPPORTUNITY TO GET THE HIGHEST PRICE IN THE LEAST AMOUNT OF TIME IS IN THIS RANGE.

3. BELOW MARKET VALUE - PROBABLY A QUICK SALE FOR A LOWER PRICE. MORE BUYERS IN A SHORT TIME BUT YOU WON'T GET TOP DOLLAR!

As you can see, PRICING YOUR HOME CORRECTLY is very important and will determine whether you will receive TOP DOLLAR... Linger on the market for a painfully long time... or give your home away cheap! If your price is too high, the qualified buyers will tend to look at the other properties, not yours!

Scenario of an Over Priced Home!

List Price:
$125,000 ............

Reduced to:
$120,000 .................................

Reduced to:
$115,000 .....................................................

Reduced to:
$110,000 .........................................................................

Reduced to:
$105,000 ...........................................................................................

An overpriced home stays on the market longer and costs the seller thousands of dollars in monthly payments, taxes, insurance and upkeep while it goes unsold! When it is reduced to the right price many buyers make lower offers because it has been on the market so long. Haven't you asked how long the property has been on the market? What was your conclusion?