HOW SELLERS AND BUYERS PERCEIVE HOME VALUE
If the perceived value of your home by a potential buyer is greater than the actual price, the more willing he is to buy. This means marketing the home to match the buyer’s specific needs and desires. A listing agent can help you know the buyer’s hot buttons, such that marketing and presentation can be tailored accordingly. The perception of home value differs significantly between sellers and buyers, influenced by various factors including market conditions, emotional attachment, and financial goals.
Sellers' Perspective:
• Emotional Attachment: Sellers often have an emotional attachment to their homes, which can lead them to overestimate its value. They might factor in personal experiences and improvements they have made, which may not necessarily increase market value. • Market Conditions: In a seller's market, where demand exceeds supply, sellers tend to price their homes higher, expecting competitive offers and quicker sales. Conversely, in a buyer's market, sellers might price their homes more competitively to attract buyers. • Cost of Selling: Sellers consider the costs associated with selling, such as agent commissions, closing costs, and any repairs or updates needed to make the home more appealing. These costs can influence their asking price to ensure they meet their financial goals.
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