CHAPTER 2 First Steps to Home Selling o Home Selling “But You Gotta Know the Territory” and Terminology Location! Location! Location! is the most crucial consideration in real estate and a major factor, if not the predominant one, in real estate pricing. Novice (and not-so-novice) home sellers alike must know the considerations, such as location, that determine a home’s price. Setting the price at which to sell your home is not a simple formula, nor just mathematical; it's a science and an art. Some people get caught up in price per square foot, but a home is much more than that. Updates and amenities can add a huge amount of value to a home. This is a big reason why online estimates vary so much and are not necessarily accurate. Zillow has not been in your home to see that you just spent $75,000 on a kitchen remodel. They also don't know that your neighbor's house is totally original from 1974 with no upgrades in 50 years and was an estate sale, but they may value both homes at the same amount. Online estimates are just algorithms. The original online estimates were from Zillow, a company that began as an online advertiser. They started in business to market to consumers, get leads, and sell them to real estate agents. It didn't really matter how accurate the estimate was, because the consumer would enter their information on the website, and a real estate agent that paid for leads would call them and discuss what the true value for their house was. 5
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