CHAPTER 2 Foundations of a Successful Home Sale
Of all the factors that impact a home's value, none are more important than its location . The quality of nearby schools, the character of the neighborhood, and convenient access to transit and amenities all serve as powerful influences on how buyers perceive a home’s worth. For sellers, understanding how these factors affect market value is key to setting a well-positioned price. Setting the price is neither a simple formula nor entirely mathematical. Several factors contribute to this decision. Throughout this book, you'll find examples of comparable homes that sold for different prices, along with explanations for those disparities. You may find that a home's calculated market value doesn't always match your initial sense of what it's worth. Understanding this difference is essential, as overpricing isoneof the most common reasons homes stay on the market longer than expected. Understanding real estate terms—like market value, appraisal value, assessed value, and pricing strategies—gives home sellers the insight they need to set an accurate listing price and make informed decisions that help maximize their home’s selling potential. Market value is defined as 'the most probable price a property should bring in a competitive, open market, where all conditions for a fair transaction are met.' It's an estimate of what a home should sell for in its local market, typically determined by its 3
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