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Common Misconceptions About Home Pricing and How to Avoid Making Them

So, what is my home worth? That's the mosthome market has direct or indirect access to
common first question that you might havethis  database.
asked  yourself  when  you  decided  to sell.
With this information they can establish a
You might have even gone across the streetgood range of value for your home. They'll
(or a block over) and looked at what homeslook at homes that are for sale, homes that
are selling for in your area. This may haveare pending, homes that have sold, and homes
given you a good ballpark figure, but shouldthat  have  not  sold.
never have the final say on what you base
your  decision  on.Understanding the information that they have
access to gives you insight into how they
The problem with basing your price figuremight calculate or estimate a fairly good
(for your home) on values you find for homesFair Market Value for your home. What you
in and around your area (that are for sale)have to understand though is this, even
is that you are putting your trust solely onthough they all have access to the same
the fact that the Agents that priced theinformation, not all Agents are created equal
homes you looked at, know what they arewhen it comes to interpreting that
doing.information.
What you may not have considered is that theFair  Market  Value  is  the  Key  to Success
Agents who priced those homes may have priced
them where they are just so they couldIt is absolutely imperative that you price
appease the homeowner. They may expect toyour home at Fair Market Value from the
come back to the homeowner 2 or 3 timesbeginning of the listing. This will ensure
asking to lower the price and they don't mindthat you will sell your home for the highest
waiting. Why should they? It's not theirprice  in  the  shortest  amount  of  time.
house  for  sale!
Often 80% of the effectiveness of marketing a
Not  All  Listing  Prices  are  Equalhome is linked to where you price your home
from  the  start.
The problem with the
price-high-maybe-we'll-get-lucky price schemeAdditionally, the first offer you receive on
is that the amount of time to sell the homeyour home is usually your best offer. The
can be several times longer than a home thatamount of time it takes for you to receive
was  priced  right  in  the  first  place.that first offer will vary greatly depending
on how close your price is to Fair Market
So, is a high price more important to youValue.
than selling your home quickly (or even a
reasonable  amount  of  time)?Fair  Market  Value  is  not:
Not  All  Agent  Valuations  are  EqualWhat another Agent says a home in your area
is  worth
To some extent, just by doing a little
research on what homes are selling for inWhat  your  neighbor  says  his home is worth
your area puts you ahead of half of the
homeowners in any particular market. ManyWhat you think you need to make from the sale
homeowners base their assumptions of theirof  your  home
homes value solely on factors that have no
real merit. Things like: Tax Assessed Value,What you want to put in the bank from selling
"what I heard Sally got for her home down the
street", "what Uncle Joe got for his homeWhat  you  paid  for  the  property last year
across town", and many others. None of which
really  have  a  solid  foundation.Buyers and Sellers Determine Value. .
.Together!
What most Real Estate Agents & Brokers do,
which is similar to the process of looking atThe value of your property is determined by
homes in your area, is that they do awhat a Buyer is willing to pay and you (the
Comparable Market Analysis (some call it aSeller) are willing to sell for in today's
competitive market analysis). What they havemarket. That's the true Fair Market Value of
access to (that you do not) is the entireyour  home.
database of homes in your area that are for
sale and listed in the Multiple ListingThe buyers of today have all the information
Service  (MLS).that you have. They will base their offer by
comparing your property to other sold
They have to pay subscription fees (oftenproperties in your area. They will evaluate
very high rates) in order to have access toyour home against the other's comparing the
that information. You can bank on the factcost verses the value.
that every active and licensed Agent in your



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