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Thoughts to consider on pricing your home

Posted by Kenneth Lowman on November 17, 2008
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Real Estate Agents don’t determine price, the market does.
Remember how you determined the price when you bought your home?

  • most research sales prices, this represents reality
  • you should price at the low end of comparable listings, or the high end of comparable solds, whichever is lower.

Buyers purchase based on location first, size second, and amenities last. Amenities will help a buyer choose your home if the price is similar to the comparables in your location and size.

Cost = what you paid, does not affect value (if you paid zero would it be worth zero?)
Price = what you ask
Value = worth to one person
Market Value = sold price in reasonable time

Buyer’s use the principal of substitution, they will consider their other options, sometimes including replacement cost. Improvements are for enjoyment, not to increase value.
The Seller’s that are pricing their homes realistic with these facts in mind are still selling.