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Things to Consider When Determining the Appropriate Property Value and Asking Price

Everyday, new homes are listed throughout the country. While there are many factors that can impact how quickly a particular home sells, one issue is often overlooked by frustrated sellers. If a home fails to entice any buyers within one month, chances are the listing price is not right. Generally, the listing price should be in line with the current market value of the home. However, many sellers don't realize that the market value of a home is impacted by many more factors than simple square footage and the quality of the appliances. If you need help determining the market value of your home and setting the right price, talk with your real estate agent and consider some of the tips outlined here.
One of the first steps a seller like Builders Cochin may want to consider when determining the appropriate property value is a comparison with recently sold properties. By comparing the square footage, lot size and overall amenities of your home to those that have already sold, you and your agent may gain some valuable insight into the true market value of your property and assistance in setting the asking price. Also, as you get closer to putting your home on the market, try to keep track of other properties listed in the area. By looking at current listings, determinations can be made about how well homes in the neighborhood are selling and how your assessment of your own property compares with similar sellers.
Regardless of how long you have lived in the home, take account of your personal investment. If you have lived in the home for several years, you have probably made a number of repairs or upgrades to the property. As you prepare to list your home, take notes on any such improvements and consult your personal records if necessary. By assessing the value of improvements made to the property, you will be able to work with your agent to determine how your investment affects the current market value of your home.
One of the best ways to determine how your home's amenities impact the value is to make a detailed list of the property's features. Your list should include all recent updates to the property, any items that might require repairs and an assessment of the home's overall condition. After compiling your list, work with your agent to establish how each individual feature impacts the overall value of the home and the eventual asking price.
When trying to calculate the market value of your property, you should also account for the neighborhood. Consider how factors such as nearby schools and the proximity to desirable businesses or recreation areas might interest prospective buyers. Furthermore, depending on what type of home you own, you may want consider the home's location within the neighborhood. A home located at the end of a cul-de-sac can have added value for families with young children hoping to avoid high traffic streets.

Re: Things to Consider When Determining the Appropriate Property Value and Asking Pri

Jesse, maybe you can give me your opinion on my thread about negotiating a house that's misrepresented in its listing? I'd appreciate any feedback! I'm not allowed to post links yet, but it's in this forum topic, and it's called "Negotiating Misrepresented 1905 Cottage!?"

Re: Things to Consider When Determining the Appropriate Property Value and Asking Pri

i'd like to add one thing to your post. i believe that the most important thing a seller can do prior to listing their home for sale is to have a home inspection done on their home. whomever buys the house is going to have one done and try to negogiate a lower price due to some of the issues that will arise. if you do a home inspection first, you can either fix some of the issues or provide the buyers with a copy of the inspection so that when they make an offer, they're maiking an offer with the knowledge of what issues the house has. you can also tell buyers that you priced the house accordingly via the home inspection you had done therefore getting a better price for your home and avoiding further negogiating after the buyers have their home inspection.

Re: Things to Consider When Determining the Appropriate Property Value and Asking Pri

My advice to home sellers in this market is act like you are in a competition and you win by selling your home. Your home needs to show better (inside and out) and be priced better than your competition. Currently in my neighborhood, house A is priced at $649k and has been on the market twice in the last six months. House B just came on this week and is a larger house and has better updates. They are priced at $695 using house A ($645) as a guide. BUT house A isn't selling!!!! My advice for house B would be to price at $645k making it look like a great buy when compared to house A. In the end they will most likely end up lowering their price slowly over a few months which hurts their negotiating power even more.

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