I's Not That Your Home is Worth More, it's That You Paid More Than it is Now Worth!
To say that this has been and continues to be a difficult market is an understatement. How much of an understatement depends on where you live. But I think we can all agree that it is difficult.
I am amazed at how often agents say to each other, "but the house is worth so much more." This is usually after a low offer on one of their listings. My answer. "No it's not." There is a distinction to be made here. It is not that the house is worth so much more, it is that the owner PAID so much more than it is now worth. BIG difference!
To the agents who are still hanging on to the old values, it's time to let go.
The values are in black and white just as they always were.
The value is what a buyer is willing to pay, just as it always has been.
The value is in direct proportion to the condition of the property, just as it always has been.
The value is in direct proportion to the price, just as it always has been.
The value is in direct proportion to the location of the property.
Sellers are saying, "I need x number of dollars to buy my next home, or to not have to go the route of a short sale."
They are also saying, "But my house is worth so much more." Sadly, market value does not depend on what you paid for your home.
To the sellers who need x amount of dollars, for whatever reason, the above statements apply as well.
My recommendation would be to assess your situation by talking to professionals, such as real estate agents, tax attorneys and certified public accountants. Get the facts about market value, short sales and foreclosures before you sell your home. Don't get "on the job experience", not when it comes to selling your home.
If you are a seller that is not facing a short sale or foreclosure, but your home is or will be on the market, remember that there are many things you can do the enhance your home's appearance. Many of these things cost nothing, such as de-cluttering, and deep cleaning. Others involve some work, like removing wallpaper and adding a fresh coat of paint. This doesn't cost that much but can make a world of difference. You can read my post Ten Affordable Tips for Making Your Home Market Ready for additional ideas.
In the end, the market is what it is. Get the facts about selling your home, put your best foot forward, adjust your thinking to the reality of the market, and then your home will likely sell.
If you would like to buy or sell a home in the southern communities of Cleveland Ohio, please call me at 440-263-7496, or you may want to visit my website for more specific information on the communities I service: Brecksville Ohio Real Estate, Broadview Heights Ohio Real Estate, North Royalton Ohio Real Estate Independence Ohio Real Estate, Seven Hills Ohio Real Estate, Parma Ohio Real Estate, Parma Heights Ohio Real Estate and Middleburg Heights Ohio Real Estate. Information is obtained from Neohrex (Northeast Ohio Real Estate Exchange) and is deemed reliable but not guaranteed and should be independently verified. Properties subject to prior sale, rental, or other status changes. All properties that are advertised as being listed or sold by Barb Szabo are in conjuntion with ReMax Trinity.
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