CHAPTER 2 First Steps to Home Selling o Home Selling
Location! Location! Location! is the most crucial consideration in real estate and a major factor, if not the predominant one, in real estate pricing. Novice (and not-so-novice) home sellers alike must know the all considerations that determine a home’s value. What you paid for the home, what you need to sell it for, and what money you have put into it may not actually affect market value. Setting the price at which to sell your home is not a simple formula, nor totally mathematical. Many elements factor into the decision. No computer generated value can take account of the variables that a real estate appraiser or experienced expert real estate agent consider. Throughout this book, you will read examples of similar and similarly situated houses that sold for very different prices, along with the reasons for the disparities. Your home's market value may not be what you believe your home is worth. Recognizing this helps avoid overpricing, a major factor that leaves homes languishing or unsold, or may result in more time on market and ultimately, a lower price. Familiarity with the real estate terms market value, appraisal value, and assessed value can save disappointment and frustration, and allow the home seller to understand factors used in setting a home’s best list price. The most used definition of market value is “the most probable price a property should bring in a competitive, open market, under conditions requisite to a fair sale.” Essentially, this is an 5
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