The Price Is Right
A buyer of real estate isn’t much different from a buyer of art or groceries—perceived value plays a major role. But perceived value and market value are not the same. Pricing your home strategically from day one is one of the most powerful tools you have. A Virginia realty agency once reported that homes listed in August 2013 sold for an average of 2.08% above list price when they sold in their first week. Homes that sat for months sold for an average of 11.53% b 11.53% below the original asking price. Nothing kills momentum like going stale. Two things matter most when you determine price:
1. Sentimentality Has No Dollar Value
You may love your home. You may have memories in every corner. Buyers have none of that. They’re seeing dozens of homes, and yours is rarely “the one” at first glance. Don’t let emotion inflate your price. Buyers watch for clues about motivation—don’t give them leverage.
2. Upgrades Don’t Translate Dollar-for-Dollar
If you invest $100,000 in a kitchen remodel, it does not mean your $1.2M home is now worth $1.3M. Upgrades help with appeal, not automatic price increases. Avoid becoming the nicest—but most overpriced—home in your neighborhood.
Sale Price vs. Market Value
If a bank-qualified buyer agrees to a price you accept, that becomes the sale price—a factual number with no emotion attached. Sale prices influence market value for the whole area. To set your own price, you’ll look at comparable recent sales, your home’s
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