CHAPTER 2 First Steps to Selling Y o Selling Your Property Location! Location! Location! This remains the most important consideration in real estate and a major factor, if not the predominant one, in determining your property’s price. As you prepare to sell, it is essential to understand all the considerations that determine what your property is truly worth in the current marketplace, and how this knowledge positions you for successful negotiation.
UNDERSTANDING YOUR PROPERTY'S VALUE IN TODAY'S MARKET
Setting the right asking price for your property is not a simple formula, algorithm, or purely mathematical calculation. Multiple elements factor into this critical decision that will significantly impact your negotiating position later. Throughout this book, you will discover examples of similar homes in comparable locations that sold for dramatically different prices, along with the specific reasons for these disparities. The calculated value of your property is not necessarily what you believe your property is worth. Recognizing this distinction helps you avoid overpricing, which is a primary reason homes languish unsold in today's market, ultimately weakening your negotiating leverage. Familiarizing yourself with key real estate terms such as market value, appraised value, and assessed value will prevent disappointment while allowing you to meaningfully engage in setting your property's optimal listing price and defend that position during negotiations. 6
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