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| Lina Garcia linagarcia@rogers.com www.barriefamilyhomes.com / www.casaenbarrie.com Direct: 705-721-2911 Toll Free: 1-866-942-2121 |
Here are some examples of what some homeowners may think:
• "I paid this much for my home, it must be worth this much more now”
The market is forever changing and the truth is, your home could be worth a lot more or
a lot less than when you purchased it.
• “I’ve spent a lot of money on improvements since I’ve moved in, so it must be
worth more”
This to is wrong, because some improvements are not relative with their size or
neighborhood, and while some improvements may add value, others are just a matter
of taste or style.
• "It would cost this much to replace a home like mine”
Replacement cost is not a valid measure of value for existing property, because no
matter how well maintained your home may be, it has incurred depreciation and cannot
be compared to the same worth of a new home today.
• "I need this much money for my home”
Perhaps you have already bought a home, and need a certain amount of equity for the
down payment, or perhaps you just need to access a certain amount of money and you
are selling home determined to obtain this amount. Unfortunately, the market does not
run on your concerns about how much you need to get for your home. It is only
concerned with what your home is worth now.
• "I just refinanced my home, and had an appraisal done”
Many people are now refinancing, using the equity of their home as collateral, and for
this reason may have obtained an appraisal which the bank or lender requires. This
appraisal however, is almost always higher than what the home is actually worth in the
market. This is simply because the bank wants to make it possible for them to loan you
this money.
In setting a listing price on your home, certain facts cannot be ignored. What
you paid for a piece of property does not determine its current market value.
• "I paid this much for my home, it must be worth this much more now”
The market is forever changing and the truth is, your home could be worth a lot more or
a lot less than when you purchased it.
• “I’ve spent a lot of money on improvements since I’ve moved in, so it must be
worth more”
This to is wrong, because some improvements are not relative with their size or
neighborhood, and while some improvements may add value, others are just a matter
of taste or style.
• "It would cost this much to replace a home like mine”
Replacement cost is not a valid measure of value for existing property, because no
matter how well maintained your home may be, it has incurred depreciation and cannot
be compared to the same worth of a new home today.
• "I need this much money for my home”
Perhaps you have already bought a home, and need a certain amount of equity for the
down payment, or perhaps you just need to access a certain amount of money and you
are selling home determined to obtain this amount. Unfortunately, the market does not
run on your concerns about how much you need to get for your home. It is only
concerned with what your home is worth now.
• "I just refinanced my home, and had an appraisal done”
Many people are now refinancing, using the equity of their home as collateral, and for
this reason may have obtained an appraisal which the bank or lender requires. This
appraisal however, is almost always higher than what the home is actually worth in the
market. This is simply because the bank wants to make it possible for them to loan you
this money.
In setting a listing price on your home, certain facts cannot be ignored. What
you paid for a piece of property does not determine its current market value.
| • Putting a price on your home is not guesswork and can be the most difficult and yet vital steps of the home-selling process. It requires extensive research, knowledge and access to computerized market-analysis with full comprehensive understanding of the market, to determine the realistic fair market value of your home. • Many homeowners have misconceptions about what they think their home is worth, mainly because the selling of one’s home draws an emotional attachment, which can often obscure the market reality |
| Putting a Price on Your Home |
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