Part of the answer is subjective – one person's ideal feature can be another person's deal breaker. But in general there are factors that affect a home's value and attract, or detract from its appeal to buyers.
Virtually every buyer will be a seller one day, so it pays for both potential buyers and sellers to pay attention to the characteristics that help determine how you present or future home will be valued relative to similar properties in your neighborhood
Real estate sales agents suggest asking prices based on a variety of information you may not have at your disposal, including recent listing and selling prices of houses in your neighborhood. If you're not completely confident in their suggestions, you may want to order an appraisal. Next, establish clear priorities. If you had to choose, are you more concerned with selling quickly, or getting the most money possible? What would you pay for the house if you were the buyer? Someone else — a neighbor, friend or relative — may point out advantages or disadvantages about your house that you hadn't thought about. Third-party views will help you start thinking of your house as a commodity, with positive and negative selling points. Then you should decide on a price that you feel is competitive and consistent with what other houses in your area have sold for. If you list your home too high, you will not have buyers looking at your home. If you price your home too low, you may short-change yourself. Every seller has a different situation, why they are selling. Some are more urgent than others.
Today's residential real estate market is no place to look for easy profit. The fact is, prices have generally leveled off from their peak. That's not to say you can't get what your house is worth. You just have to be realistic about its value, and price it accordingly. A good place to start is by determining the fair market value. Fair market value is NOT the list price, it is what a buyer is willing to pay. If you insist that you must list your home at a predetermined price regardless of current conditions in your local market, you're setting the stage for a major disappointment. The marketplace determines real estate values.
Happy Holidays!
Eric Schuell is a Full Time Licensed Real Estate Professional in Connecticut who services buyers and sellers with their real estate needs. Visit Eric at www.EricSchuell.com for more information, search homes for sale, request your home's market value or Email: eric.schuell@era.com with questions.
