Buyers' Perspective:
• Affordability: Buyers focus on what they can afford, which is influenced by their financial situation, mortgage rates, and overall economic conditions. High mortgage rates can limit the amount they are willing to spend • Market Comparisons: Buyers look at comparable properties (comps) in the same area to determine if a home is priced fairly. They tend to be more objective, basing their valuation on recent sales data rather than emotional factors. • Condition and Features: The condition of the home and its features (such as updated kitchens, bathrooms, and energy-efficient systems) significantly impact buyers' perceived value. Homes requiring significant repairs or lacking modern amenities may be valued lower.
Summary
Both buyers and sellers are influenced by broader market trends, such as housing supply, demand, and economic conditions. Professional Appraisals and real estate agents' insights also play a crucial role in bridging the gap between sellers' and buyers' perceptions of home value. Understanding these differing perspectives helps in negotiating a fair price that satisfies both parties.
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