Purest definition of value is: WHAT A WILLING BUYER WILL PAY A WILLING SELLER WITHOUT ANY UNDUE FORCES INVOLVED, things like health issues, foreclosure, loss of job, divorce, moving out of state. Under duress, sellers sometimes do sell their homes for less than it is worth.

To establish value, Realtor will do a market analysis, comparing homes in the area and subdivision, taking into consideration sold homes, active homes on the market, and homes that have cancelled.

Realtors have qualified buyers who are ready to buy, so it is critical to price homes right at the very beginning. Most activity happens in the first 3-4 weeks, when there is a sense of urgency to see new properties.

IMPORTANT NOTE:

Property is WORTH its value INDEPENDENT of the sentiment, motivation or needs of the owner. Factors that affect the seller are irrelevant to the price of the home … things like:

• How much a seller “owes” -- a second mortgage (taken the equity out early)
• if “nicer” home than neighbor
• if they have even PAID OFF their home

Decorating tastes vary; neutral colors sell faster than dramatic colors. What YOU love, may not appeal to new buyer, even if your decorating is expensive. When building, put in upgrades that you enjoy, as that their value. Often upgrades to not significantly impact the price of the home, though those “nice-to-haves” can affect salability.

REMEMBER: Seller sets price … Buyer determines value