CHAPTER 2 Prepare to Sell: Setting the Stage f o Sell: Setting the Stage for Success Location is a big factor, but it’s not everything. When you first bought your home, there was probably more to your decision than just the location. Maybe it was the feeling you got when you first walked in, imagining your family’s future there. Or maybe it was the charm of the neighborhood and the convenience to work or schools. As you prepare to sell your home, it’s natural to wonder how its value is determined and why similar properties are often priced differently. You might have an idea of what your home is worth, but emotions can sometimes cloud judgment. After all, this is a place filled with memories, and you’ve likely made improvements over the years. But it’s important to recognize that those upgrades may not always add as much value to buyers as they do to you. Overpricing your home is one of the main reasons properties can sit on the market for too long. This can lead to disappointment and frustration. By understanding key real estate terms and how they affect your home’s value, you can avoid that pitfall. Terms like market value, appraisal value, and assessed value are crucial to setting the right listing price.
Market Value, Appraised Value, and Assessed Value: What is the difference?
• Market Value is what your home is likely to sell for in a competitive, open market. It’s the price buyers are willing to pay based on current conditions. • Appraised Value is determined by a professional
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