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 play 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 Virginia realty agency reported that homes in August 2013 within their first week on the market sold for an average of 2.08 percent above list price. Homes that grew stale for months sold for an average of 11.53 percent below the original list price. As a seller, keep two things in the forefront of your mind as you determine initial 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. This book is all about helping you to see your home through the eyes of prospective buyers, so that you can understand their motivations, anticipate their actions, and negotiate with the buyer from a position of advantage. Next, there is also no direct dollar-for-dollar correlation between upgrade investment and market price. A $25,000 kitchen renovation will not bring the market price of a $275,000 home to $300,000; don’t assume you can add that amount to your asking price and get trapped by making your home the nicest, but also priciest, home for your area.
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