other homes that they see. The trick is to get them to see that your home is their best choice out of all those homes. So, avoid letting sentiment play a part in pricing the property. Ultimately buyers will write on an offer on what they perceive to be the best value of all the homes that they see. If your home is over-priced compared to your competition, they will probably pass on it rather "make an offer" to see if you will come down. Don't use this common mistaken reasoning. Over-pricing is shooting yourself in the foot! We don't price homes by determining market value and then ADD negotiating room to that price. That is how you get fewer or no showings, not more, and fewer showings mean no offers. That is a very poor marketing strategy. Next, remember, there is also no direct dollar-for-dollar correlation between upgrade investment and market price. For instance, a seller told me that he put designer, $200 per roll wallpaper in his dining room. Wallpaper and other cosmetic, taste-specific decor adds absolutely no value. As previously noted, a $25,000 kitchen renovation will not necessarily bring the market price of a $275,000 home to $300,000. Don’t assume you can add that amount to your asking price, especially after 20 years! The $100,000 cosmetic upgrades buyers are putting into the homes they are building now are depreciating assets that will add no value when they are passe' in 10 to 20 years. The perspectives of buyers and sellers also come into play when placing value on a home. Let’s say your home has an abundance of mature trees — a plus in your mind. But a buyer who loathes raking leaves will see that as a negative. If you just spent $10,000 to replace your roof, you might think you can set a higher price, but buyers already expect the roof to be in excellent shape. Proximities to schools, bus routes, and medical facilities can create perceived but not actual value that certain buyers are willing to pay for, and others, not so much.
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