CHAPTER 2 First Steps to Home Selling o Home Selling
Location! Location! Location! is the most crucial consideration in real estate and a major factor, if not the predominant one, in real estate pricing. This is clearly reflected in the 5 Star array of home transactions for my clients (see them in video form at www.PatrickMeyer.com). Setting the price at which to sell your home is not a simple formula, nor totally mathematical. Many elements factor into the decision. Throughout this book, you will read examples of similar and similarly situated houses that sold for very different prices, along with the reasons for the disparities. A calculated home value is not necessarily what you believe your home is worth. Recognizing this helps avoid overpricing, a major factor that leaves homes languishing or unsold. Familiarity with the real estate terms market value, appraisal value, and assessed value can save disappointment and frustration, and allow the home seller to meaningfully engage in setting a home’s listing price. The most used definition of market value is “the most probable price a property should bring in a competitive, open market, under conditions requisite to a fair sale.” Essentially, this is a pre- negotiation opinion of what a house should bring in its local market, i.e., its geographical area, generally an area such as a suburb or neighborhood. Every month I share Market Trends with my clients, prospects and friends. I focus on the insights reflected in the neighborhoods and the data, then I bring it all to life in my 6
Powered by FlippingBook