Next, there is also no direct dollar-for-dollar correlation between upgraded investment and market price. As previously noted, a $25,000 kitchen renovation will not bring the market price of a $275,000 home to $300,000. Don’t assume you can add that amount to your asking price and get trapped by making your home the nicest, but also priciest home for your area.
SALE PRICE VS. MARKE S. MARKET VALUE
If you have a ready-to-buy bank-qualified buyer who is willing to pay a price you will accept, that is referred to as “Sale Price.” It is an objective fact without influence. Once a home transaction is completed, it will influence the Market Value of homes in t s in the area. You determine the price of your home by looking at comparable local sales provided by a professional listing agent, your property’s condition, and the current supply and demand. Understanding the value of your home will help you determine what your Asking Price should be when you list your home. What a piece of property might sell for based on features and benefits in a competitive market, and the current supply and demand of similar homes is its Market Value "also sometimes referred to as a Home’s Current Market Value or Home’s Fair Market Value". You might value your home at a higher price than what a buyer will pay, or its true market price. Balanced markets will equalize Market Price and Market Value. Buyers look for the right deal, but what they are willing to pay, or what the bank is willing to finance, has limits. Strategic pricing is your greatest tool when selling your home.
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