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. 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 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.
SALE PRICE VS. MARKET VALUE
If you have a ready-to-buy, bank-qualified buyer who is willing to pay a price you will accept, that is referred to as “sale price.” It is an objective fact without influence. This sale price transaction, once complete, will influence the market value of homes in the area. You determine the price of your home by looking at comparable local sales provided
by a professional real estate agent, your property’s condition, and the current supply and demand.
What a piece of property might sell for based on features and benefits in a competitive market, and the current supply
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