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What’s My House Worth? (Warning: This Might Blow Your Mind)

May 13, 2017


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When preparing to sell, it’s the first question people ask.

“What’s my house worth?”

But it’s not really what they’re asking at all.

People don’t care so much about what the value is in the current market and how it compares to similar properties.

What people really want to know is, “What is the absolute highest dollar I can get?”

Or, “Will people pay what I think it’s worth?”

Which is completely fine and right. We all want that.

What sellers don’t realize about the price of their home though, can cause them and others a whole lot of headaches, disappointment, and frustration.

In today’s post, we’ll talk about:

* The Mindset that Helps Sellers Sell Successfully
* What Determines the Value of Your House

 

The Mindset that Helps Sellers Sell Successfully


Most sellers want two things:

1)      Top dollar for their property

2)      For buyers to understand the specialness of their home

Getting top dollar is a fine goal, and we’ll talk about that more in the next section. For now, let’s talk about the specialness thing. 

You love your home. It’s where you made memories and invested your time, effort, and creativity to make it just the way it is. You’re well acquainted with its quirks – the door that sticks, the way the third stair creaks, alerting parents of an approaching child, and the way that one window sill gets the perfect amount of light to grow fresh herbs. You especially love the memories each room holds – the counter where the kids could barely peeked over when they were small, the cupboard where they sneak cookies from, and that square of sunlight in the middle of the living room where the cat lazes every afternoon.

Your home is precious.

… to you.

Here’s the thing.

You’re selling a house, not your feelings about the house.

And memories don’t add value for anyone else.

This can be a painful truth for people. When approaching a client with an estimate of fair market value for their home, I generally come with hands up, pleading they not shoot the messenger.

Sorry, I know it’s hard, but sentiment needs to take a back seat to the selling process.

Sellers save themselves (and others) a lot of pain when they choose to think of their home as a product.


What Determines the Value of Your House

 

How can you know what your house is really worth?

One word: data.

Whether you get an opinion of value from a real estate agent or appraiser, their opinion will be solidly based on facts and data.

The 2 Key Pieces of Data Influence Value:

  • What similar homes sell for in the same neighborhood
  • Current market stats (avg. days on market, avg. sell price as related to asking price, etc)


I can’t tell you how often a seller will respond to an agent’s opinion of value with disbelief.

“Okay, maybe MOST houses exactly like mine in exactly this neighborhood have all sold for $250,000, but I KNOW mine is worth at LEAST $20,000 more than those!” Then the seller will launch into a list of emotional arguments to factual data and insist on listing at a much higher price than recommended.

Listen. Buyers don’t care about your memories.

They should.

I know.

But they don’t.

(Did you buy your home because of the previous owners’ memories and sentiment?)

It doesn’t matter what the agent, buyer, or seller says or feels. It matters what the bank says. And if the price cannot be defended (because it’s emotionally inflated, for example), the sale will not happen. It just won’t.

 

If you want to sell your home successfully, look at your product from the buyer’s point of view. What will buyers see out there? How does your product compare? Being realistic and grounded in facts instead of emotional and sentimental will help you sell with much greater success.

 



Category: Selling A Home


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