Recently I've had an opportunity to visit and talk with a number of private sellers regarding the sale of their homes. As a REALTOR®, I really enjoy getting out of the office and meeting with new folks who are out there working hard to sell their homes. I can truly appreciate your effort; selling a house, regardless if its your own or someone else's, is full time work; it requires in depth knowledge of various factors which influence the market. The real estate market is a multi-faceted machine with different moving parts; one affecting the other, some being more prevalent than the other at different times in the cycle.
As a result of my visits, I've learned that one of the most common areas of trouble which private sellers face is in the area of establishing market value - so here is some food for thought.
To start, establish reasonable market value less depreciation in any recent upgrades done to the home. (there is a significant difference between market price and market value, please do not confuse the two)
So what is market value? An analogy which I like to use is that of a watch. It's a multi-faceted machine with various moving parts; to successfully establish market value, one must identify those parts, must understand how they work, how they affect one another at different times in the cycle, and how that in turn may affect the seller's market value, consequently list price.
Now that we know the ingredients of market value, how do we put it together?
To be able to accurately establish market value one must have the necessary tools to access the necessary facts which will be used to establish market value. (stick to gathering accurate information only, info gained through the internet should not be relied upon as it is not always verifiable, also, only rely on your neighbour's testmonials if you can verify it through other sources)
Once all of the important facts are gathered, one must be able to put those facts together to paint a picture of the most accurate market conditions. Most importantly, one must have the ability to interpret and communicate that picture accurately and apply it to current situation. The opportunity to sell is partly in the numbers, This is what I refer to as working knowledge and it is acquired through ongoing professional training and experience.
As a REALTOR® with Century 21 Bachman and Associates, I am both personally and professionally committed to ongoing training and development, I take pride in my ability to put my professional knowledge and personal skills to work for you. It will be my pleasure to meet with you to discuss your real estate needs.