What's My Home Worth?

Location

Competition

Timing

Condition

Price

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Factors That Affect The Value of Your Home in Today’s Market

When we meet to discuss listing your home, we will review with you a spreadsheet of comparable home sales in your area.  Based in part on this information and after discussing your desires and needs, we will recommend a range of pricing for your home.  Remember, you are the one who makes the final decision.  We can guide and counsel you, but in the end you will determine where your home is priced. 

There is no magic formula in pricing a home for sale.  The price is developed from a range of factors, each carrying a weight specific to your property.  Even in an area where homes appear to have the same physical characteristics, each will have unique factors that will affect the final value.

Some factors can be controlled to a degree by you, some by outside influences and some we just have to live with.  Our job is to help you understand and control all factors possible.

Location

  • Location is the single most important factor in determining the value of your home.  The same house constructed in two different locations could very well be thousands of dollars different in price.  Many factors affect location - the proximity of water, shopping, schools, future value of the surrounding land, and desirability of the area to mention just a few.  A beautiful home located in an isolated rural setting may be every bit as valuable as the same home located in a more urban setting, but the market demand may well prevent similar pricing.

Competition

  • Prospective buyers compare your property against competing properties.  They look at the number of homes for sale in your area.  The existence of new construction with the allure of newness and contractor payment of many fees presents a obstacle to overcome.
  • Buyers will perceive value based upon properties that have sold or are available in the area.  If homes in the area are selling for $150,000, a home priced at $250,000 is not going to be high on the buyer's list. 

Timing

  • The current real estate market, including interest rates and season, affects property values.
  • A flexible marketing plan should be developed which analyzes the current marketing conditions and individual features of the property.

Condition

  • The condition of the property affects the price and speed of the sale.
  • As prospective buyers often make purchases based on emotion, first impressions are very important.  Make sure your home is ready to show.
  • Optimizing the physical appearance of your home will maximize the buyer's perception of value.

Price

  • Pricing your home properly from the beginning is an important factor in the length of time it will take to sell your home.

Reviewing this home marketing plan will assist you in determining the best possible asking price.

 

 

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JoAnn & Dennis Olson, Realtors ®
William E. Wood & Assoc.
Smithfield, VA 23430
Licensed in the Commonwealth of Virginia
(See Contact page for additional information)


All home and property photographs on this web site are the sole property of Dennis & JoAnn Olson.  Any commercial use of these photographs without written permission is strictly forbidden.

Copyright © 1999-2013 by Dennis Olson
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Last modified: November 19, 2013