What Is Your Home Worth?
Please appreciate my honesty and my sincere professionalism below (as well as my sense of humor). I want your sale to be successful and smooth. This can only happen when we all deal within the bounds of reality.
Every homeowner thinks their home is worth more than anyone else's. Sometimes it is - most times it's not.
The stark reality is that your home is worth what a willing Buyer will pay for it (and the bank's appraiser will attest to) - and that's all! That, folks, is in essence the definition of "fair market value." Unless you're in some sort of incredible Seller's market or niche, the Buyers have quite a bit to say about the ultimate sale price of your home.
Buyers (and good Realtors) know there are only three factors that will determine whether your home will sell or not - they are Price, Condition, and Location. Everything else is an "element" that plays some role in assessing the factors above.
EVERY day, 365 days of the year, there are Buyers searching for homes in EVERY price range. Someone will buy YOUR home ONLY if the Price, Condition, and Location are in line.
IF two or more of the above factors are out of whack - you've failed and are not going to be happy about it. The truth is you will have spent your entire listing period helping Buyers decide what they DON'T want - your home. What you need to do next is dependent upon whether you learned anything during your failed listing period or not.
I could elaborate on the above forever and you will resent me for it. Instead, let me give you some "real life" factors that you must consider in the sale of your home. I've actually run into all of these in my career. Of course, the following are generalities and there are exceptions to every case - as the saying goes "there is a buyer for everything."
LOCATION - Next to power lines is generally bad. So are sewage treatment plants, railroad tracks, highways, busy streets, backing up to a shopping center, next to a grave yard, or a pig farm. Sometimes bad - next to schools, corner lots (generally a small back yard), and lots of other things can go either way here.
CONDITION - Cat pee in the carpet never increases the price, neither will a litter box near where the food is kept. Stains in the carpet are bad, so is peeling paint, underwear on the floor, too many animals in the house (no one wants to feel like they're buying a kennel), ten rooms in the house each painted a unique and conflicting color, trendy things like murals, your kids drawings on the walls (literally on the walls), mirrors on the ceilings (the Buyers always start looking for your pictures after they see this), holes in the walls, mold in the shower, and many other things I really don't want to go into here.
Here's the bottom line - I've seen a lot of different homes in my 2+0 year real estate career. I've sold hundreds of homes exceeding $100,000,000 in value. I know what works when selling a home and what doesn't. I know what the Buyers will pay for and what they won't.
If you'd like some help in assessing your home, all you have to do is contact me.
CLICK HERE to send Keith an email or call 502-992-4186.