exposure? Do professional photographs make a difference to online shoppers? What more can be done to market your home? Upcoming chapters answer these questions to help you sell your home for the best possible price.
THE PRICE IS RIGHT
A buyer of real estate is no different from a buyer of a painting or a bag of oranges. Both sellers’ and buyers’ perception of value will always have a prominent role during the sale. Perceived value and market value are not the same. You need to know how to price your home strategically and correctly from the get-go to obtain the best price. A real estate agency reported that homes in the summer of 2021 sold for an average of 5% above list price within their first week on the market. Homes that grew stale for months finally sold for an average of 7% below the original list price. As a seller, keep two things at the forefront of your mind, as you determine listing price. First, sentimentality has no dollar value. Although you have emotional connections to your home, the buyer does not. Most buyers being shown many properties do not expect yours to be “the one.” You will have to work to get them to that decision. Avoid letting sentiment play a part in pricing the property. Set all emotions aside during the selling process. Buyers look for cues to figure out your motivation to sell. Next, there is also not always an exact dollar-for-dollar correlation between upgrade investment and market price. As previously noted, a $50,000 kitchen renovation may not bring the market price of a $700,000 home to $750,000. Don’t assume you can add that amount to your asking price and get trapped by
48
Powered by FlippingBook