Selling your home is a big decision. Weigh your options, and talk to your real estate professional.  Whether you decide to stay or sell, the decision has to be one that leaves you the most comfortable.

When determining the listing price of a property it is important to take into consideration several criteria, including location, physical characteristics, and the current market price of similar properties.

The value of your home is based on your area’s market condition, not on the amount you paid for it or the cost of construction.  A real estate agent can offer the extensive market knowledge needed to come up with the best listing price.  Ask for a written market analysis so you can carefully compare and contrast the features of your home with similar homes.  The agent should back up the proposed listing price with selling prices of comparable properties.

It is not uncommon for the list price and the sale price to be different.  That is because the listing price is still only an estimate, an indication of range.  Moreover, the eventual selling price will be based on three crucial elements: the number of competitive listings, the availability of buyers and the prevailing economic conditions.  The variance between the list price and actual sales price is the key to evaluating the market strength and whether homes like yours are being priced accurately for current market conditions.  Remember ultimately the buyers set the sale price.

Statements frequently heard from sellers that really have nothing to do with the home value.

·         Another agent said it was worth more.

·         People always offer less than asking price.

·         The buyers can always make an offer.

·         My neighbor was able to get his price.

·         We paid more than that for our home.

Other factors that do not affect value of your home.

·         Your original purchase price – Chances are that you paid market value.  Markets change and today we have to deal with the current market conditions that may have changed significantly.

·         Over Improvement – Improvements should be made for enjoyment, not resale.  You cannot add an item to a home, select it to your style, use it, and then expect a buyer to pay the original cost.

·         The owner’s need for money – The owner’s need for money or the fact that the owner is moving to a more expensive area where he will have to pay more for a home has nothing to do with the home’s current market value.

·         The cost to rebuild it today.

·         The seller’s personal attachment to the property.

·         Certain types of improvements.