The Home Is Worth What People Are Willing To Pay For It
Yes, this is true! People tend to think that their home should be valued based on how much they have invested in it, especially if they have invested a lot of time, effort and money into it. Even if you paid a certain price for the property a few years back, that does not make it worth the same price now. It could be worth more or it could be less than the previous price, however, a home is only worth as much as a person is willing to pay for it.
Do not confuse this with Luxury Properties as the market value is a sum of all factors of a home that a buyer is willing to pay for. Luxury Properties are different as they do not fall in the same target audience as most regular residential homes. The target audience for luxury homes are smaller hence selling a luxury property can take longer to sell.
First Impression is the Last Impression
This quote is true when it comes to real estate and showing potential buyers a new listing. The first impression of the home will determine the overall feel the client will have for the rest of the home tour. As I mentioned in one of my blogs last year about 3 Ways to Increase Your Home Value, having a Charming Curb Appeal is essential to creating a lasting good impression of the home in the buyer’s mind. Hence, if your front lawn and curb is not looking appealing then it may have the client develop a negative attitude towards the rest of the tour.
This does not only apply to the Curb Appeal, but also to how the interior of the home is looking, how well its organized and cleaned. You want the potential buyer to remember how beautiful the home is and not wanting them to remember how messy it was.
Everything is Negotiable
Did you know basically everything is negotiable? I personally had cases in which I have had clients who negotiated unusual things such as pot lights, oven, and furniture. This is however, completely normal for buyers and sellers to do and something you could definitely consider especially if there is anything particular you are looking for in a new home or when selling. However, it is important that you have any of your negotiations done right and documented properly.
Hard To Show the Upgrades
A buyer will always notice changes that they want to make to the home before noticing all pre-done upgrades completed in the home. The buyer knows what they want and what is important to them in terms of the new home. If you spent $30,000 in renovations in the kitchen and living room and their concern is to have no carpets around the home, then they will notice the carpet before noticing the upgrades.
If a seller has done cheap short-term fixes to their home before selling it, if not a potential buyer, the realtor will definitely see through it. The bottom line is that if you don’t have the budget to upgrade your whole home, don’t do it. When a seller tries to cover up everything with cheap fixes it creates more problems. However, a fresh coat of natural tone paint throughout the home is a good investment and will definitely make the home look fresh.