In the immortal words of Chuck D from Public Enemy, “don’t believe the hype.”
In its most basic form, here’s a guide that will tell you what your home is really worth (and thanks to David Phillips, CEO of the Charlottesville Area Assoc. of Realtors, and Judy Savage, their president):
The Market Value of Your Home is NOT:
1. What you have in it.
2. What you need out of it.
3. What you want.
4. What it appraised for.
5. What you heard your neighbor’s house sold for.
6. What the tax office says it is worth.
7. How much it is insured for.
8. Based on memories and treasures.
9. Based on prices of homes where you are moving.
The True Market Value of Your Home Is What a Buyer is Willing to Pay:
1. Based on today’s market.
2. Based on today’s competition.
3. Based on today’s financing.
4. Based on today’s economic condition.
5. Based on the buyer’s perception of the condition.
6. Based on location.
7. Based on normal marketing time.
8. Based on showing accessibility.
Properties That Sell in Today’s Market: On a Scale of 1 – 10, the “10’s” Are The Ones That Are Selling. How Can Your Property Be A “10”?
1. By improving the condition dramatically.
2. By offering good terms.
3. By improving the way the home shows.
4. By adjusting your price.
As a Seller you control:
1. The price you ask.
2. The condition of the property.
3. Access to the property.
As a Seller you do not control:
1. Market conditions.
2. The motivation of your competition.