Price It RightPosted on 03/23/12
…Your home that is. If you do nothing else, make sure that you are priced correctly in the Destin, FL real estate market. Over-pricing is the number one reason houses don’t sell, so it is crucial that you meet with an experienced Realtor and allow them to guide you through the selling process.
If you’ve asked this question, you’re already taking steps in the right direction. Your realtor will pull comps (listings of comparable homes) and cross reference them with your home. They will also use their knowledge and experience to differentiate between communities, and explain to you how this differentiation affects home values. After all, they are canvassing real estate terrain every day, so they know which areas buyers find most appealing.
One common mistake sellers make involves tacking renovation expenses onto the list price. The following logic is common: Home A is similar to the way my home was before I invested in repairs and upgrades. Therefore, my home value should be the value of Home A plus the money I spent on the improvements. While this may sound good in theory, it is extremely flawed in practice.
Home improvements certainly make your home more competitive, but the value will always be determined by what a buyer is willing to pay. And what a buyer is willing to pay can be determined by the comps that your Realtor has just pulled for you. It is important to understand that improving your home will add some value, but it certainly won’t equate to the amount you spent getting it there.
And lastly, I will touch on the emotional element of selling your home. It can be very difficult for a seller to see the sale of their home as a business transaction, and why shouldn’t it be? It is called a home for a reason. But as a result of this emotional attachment, sellers have a tendency to over value their home. One of the biggest challenges for a seller can be to look at their house objectively. This is just another reason as to why having a Realtor by your side is very important.
If you are considering selling your home, contact Kerry Veach – your Northwest Florida Real Estate Expert – at 1.800.879.0309. Kerry has 20 years of real estate experience, knowledge, professionalism, and enthusiasm. It’s no wonder that 99% of Kerry’s business comes from referrals!
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