The process of a real estate property sale is not always an easy one and one of the main reasons why is the wrong pricing of the property, which can lead to loss of time & money.
It is reasonable that the property owners, if they are not in the business of real estate themselves, will not be aware of the actual market prices or the necessary property evaluation methods, resulting to the following actions during the pricing of their property for sale.
First of all, at the time you acquired your property, the market was different. In addition, the condition of your property was probably a lot better and if that is not the case, it was definitely newer. Therefore, you must evaluate the condition of the current market as well as the devaluation of your property.
2. I have invested a lot on my property
It is true that a property can benefit from upgrading certain things; however, this does not mean that the cost of these upgrades will always be reflected on the asking price. The effect of these actions will most probably be a quicker sale of your property.
3. The neighbor sold his house at a high price
Initially, keep in mind that the actual amount of money that your neighbor eventually received, can only be known by him. Apart from that, even if it did happen, it might have just been circumstantial. Secondly, it is possible that your neighbor sold his property during a different time or on different payment terms. Third, the quality characteristics of his property may differ from yours. Fourth, for an estimate to be sufficient, we need at least three comparative data.
4. I need a specific amount of money
The amount of money that a property can be sold at never involves the seller's needs. The real price of a property is only one and that is the one defined by the market.
5. Another agent told me he can sell it for more
Unfortunately, there are real estate agents who, in order to make you assign your property exclusively to them, may deceive you by saying that your property can be sold for a higher price or that they represent buyers who are willing to pay a lot more.
6. I can wait until I get the price I want
Even if you are willing to wait for a long time, even years, it doesn't necessarily mean that the value of your property will increase.
This may happen, but during very specific periods and for very specific properties. Unfortunately, for the majority of real estate properties this is not the case. In fact, you have to remember that each year that passes the house loses value.
7. This is my home
It is the delicate and often unpleasant time, when one realizes for the first time the objective truth about the selling price of their property, and it takes some time to adjust. Your first reaction may start with: "My house…" but it should continue with logic and not emotion.
We, as certified real estate brokers and consultants are here to help you understand the real value of your property.
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