It’s important to know what determines the market value of a home – especially if you’re thinking about selling it.
The true market value of your home is what a buyer is willing to pay.
It really is that simple – you may price your home at any price point you want, but if you want to sell the home you need to price it according to current market value which will include:
1. What’s happening in today’s market
2. What is today’s competition
3. What are the options for today’s financing
4. What are today’s economic conditions
5. The buyer’s perception of the condition of the property
6. The location
7. Your showing ability
As a seller you can control some of these market conditions especially:
1. The price you ask
2. The condition of the property
3. Access to the property for showings
4. The conditions you place on the offer
As a seller you do not control
1. Current market conditions
2. The motivation of your competition
3. Market Value
If you want to sell your home you need to focus on the three things you control:
1. Set a realistic asking price, based on market data not just want you want to earn from the sale.
2. Making sure the condition of your home is show ready – or if you don’t want to do that then pricing your home in accordance with the condition.
3. Having the home ready to show when buyers are ready to see the property.
4. Offering good terms, including closing cost assistance and a good timeline for the closing period.
Like this article? Here are some others you should check out!
Five Facts That Determine if Your Homes Sits or Sells
Podcast Recap: How Technology Can Sell a House
10 Tips when Prepping to Sell your Home