CHAPTER 2 First Steps to Home Selling o Home Selling
Perhaps the most important step when selling a home, is to first decide on a realistic asking price.
WHAT IS YOUR HOME TRULY WORTH?
Unfortunately, there is neither a simple, nor strictly mathematical way to determine a home’s worth or “value”. Many elements factor into the equation. Nonetheless, it is essential to recognize that there are several ways to view a home's value, and understanding the distinction between the terms “amenity value”, “assessed value”, “market value”, and “appraised value” will, in the long run, save you from a lot of confusion, frustration, and disappointment. Amenity value is the value a home has to its occupant. It is derived from the features of a property that makes it more valuable to a seller or a potential buyer. For example, a downstairs bedroom and full bathroom would be highly valued by a family with elderly live-in parents, but might not hold much value for a young couple. Assessed value is the amount a local or state government has ascribed to a specific property. The assessed value is used as the basis for property taxes and does not necessarily equal the property's market value. Market value is the most probable price a property should bring in a competitive, open market, under conditions requisite to a 3
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