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Archive for October, 2009

front of the house

You may not want to hear it, it is the painful truth to consider when realizing that your beautiful home is not valued based on what you think it is. In today’s sensitive real estate market these factors are even more important to consider when discussing the proper value of your home. Market value is about supply and demand, and also about banks. Market value of your home is what a buyer is willing to pay for it today.

Here are the true factors, market value is:

  1. Based on today’s market (buyer’s, seller’s, equalized?)
  2. Based on today’s competition (other similar homes for sale)
  3. Based on today’s financing options (no more easy 100% financing, no no-document loans, more work!)
  4. Based on today’s economic conditions.
  5. Based on buyer’s perception of home condition. (Emotions are important! Updates? Needs a lot of work? Spacious, airy, light?)
  6. Based on location.
  7. Based on a good strategic marketing plan if you are selling it. (The longer it sits on the market, the less valuable it is)
  8. Based on showing accessibility. (Nothing turns off buyers like difficulty to get in the house to see it.
  9. Based on your situation. (How quickly do you want to sell? Are you being realistic about the above factors listed?)

Selling a home is an emotional process, but it is also a business decision and transaction. One very important thing to remember is that as soon as you have decided to sell your home, it is not yours anymore.

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