Pricing a home is an art not a science. Pricing your home correctly from the onset is critical. Your home’s value is dependent on what a buyer will pay. Nothing more, nothing less.
Perhaps you have an appraisal from a recent refinance. Most Realtors preview homes weekly on Broker’s Caravan days. When an appraiser is comparing your home to others (comps) he has not personally viewed the interiors of the homes he is using as comps. He may be unaware that the 35,000 square foot lot is sloped and only offers room for a small patio in the back. An appraiser has no way to determine what a buyer will pay for a home. On the other hand, a Realtor works with home buyers and knows how much a view is worth to a buyer or how much high tension lines impact a home’s value, an appraiser has no way to accurately gauge the buyer’s perspective.
Online valuations are similar to parlor games, fun but not to be taken too seriously. When using online valuations understand that the estimate is just that – an estimate. Zillow and other online home valuations are unable to take into account such deficiencies such as functional obsolescence and incurable defects. There is sometimes more to comps than is readily apparent. Perhaps your neighbor’s home sold for a low price because they were overly motivated. Maybe they didn’t want to concern themselves with curb appeal or any inexpensive fix-its – perhaps they just wanted to be done with the process. A Realtor knows to never pay too much attention to one single sale. Their analysis should be weighted.
If you are thinking of selling your home, give Phyllis a call for a no obligation marketing consultation and learn which fix-its are worth the hassle.