This is usually the most sensitive aspect of a home selling transaction. In a majority of cases, the home seller wants to price the property much higher than its current market value. And it’s no wonder because the seller is emotionally tied to the home and the outcome of the transaction.
However, it’s important to remember that we, as REALTORS, deal with this exact issue every day. We are able to provide information that will help you decide on a fair market price, based on unbiased facts and market trends, not personal preferences.
There are many factors that influence the price you can get for your home, including:
- The status of the current real estate market
- The expertise and knowledge of your real estate representative
- Basics such as lot size, square footage and condition of your home
- Desirability factors, including location, special amenities and property attributes
- Selling and listing prices of comparable homes
- A sophisticated real estate marketing campaign
- Your level of motivation
What does not affect the price you can receive for your home:
- The amount of money you’ve spent on improvements
- What you originally paid for the home
- What you owe on your mortgage or home equity loan
- How much profit you wish to make from the sale
- What friends – and even appraisers – have told you its worth