The biggest misconception in real estate is that every home has its price. This idea is simply not true. Even appraisers, who have extensive training to evaluate homes will not agree on the value. If ten appraisers were paid for determining price on the same home on the same day each opinion will be different. The real truth is that every home has its price range. We often struggle and negotiate hard to find the right price when there is more than one right price for every home. There is a complete home value range for every home. Your goal is to assure yourself that you are within that range of value. Click here to learn the details.
Let’s look at some specific questions sent in by DearMonty readers from across the country. Read more Q&A articles about the “Determining Price” stage of the Home Selling process:
Reader Question: An appraisal killed our home sale. We accepted an offer on our home 45 days ago. The lender just turned down the buyer’s loan because the appraisal was $35,000 lower than the contract price. The buyer had a twenty percent down payment but no extra cash to make up the difference. We […]
Reader Question: How can we check if our home is overpriced? Our home has been for sale on-and-off for some time. We have tried it ourselves, and hired real estate agents to no avail. This time we are going on four months now. In the past, we felt that our house didn’t sell because it’s […]
Reader Question: We are planning to sell our home. In researching the subject, the standard advice is to call a real estate agent. We get that, but from a potential seller’s point of view, that is very simplistic advice. What do you suggest someone do when pricing a home for sale? Monty’s Answer: You […]
Reader Question: We have a real estate agent telling us not to list our home for more than ten-percent above her recommended price. She claims that if we do, it will ultimately cause us to accept an offer that is lower than any offer we would get if we listed at her suggested price. She […]
A home seller asks if an appraiser, or a real estate agent should set the price on a home. The answer is using one person, regardless of type of license is very risky.
Reader Question: I want to confirm an explanation an agent gave me. What is value range pricing? Monty’s Answer: Value range pricing is a strategy employed by home sellers to increase the number of home showings. Hypothetically, the more shows, the higher the chance of a sale and a purchase at a higher price. The […]
Reader Question: I inherited a large commercial rental property along with my three siblings. I would like it to be sold, even at a much lower price, and they do not. Is there any way for me to get out of this partnership and receive money, according to what my share is worth now? Monty’s […]
Reader Question: Before the banks caused the 2008 meltdown, I purchased my home for $475K. Homes directly around me have recently sold for anywhere between $215K-$360K. Prices are finally rebounding here, and I have the most beautiful home in the area. Can I expect to make any money by putting my home for sale or […]
Reader Question: We will be listing our home for sale soon. We received three estimates from agents on our home’s value, and they are all different. Also, each of the agents has different tactics about how the listed price is presented to get the best price. For example, one agent suggested we use “market […]
Reader Question: It appears to be tough to evaluate a home. We plan on selling our home in the spring. When appraisers or real estate agents make adjustments between features in our house and the comparable homes features, we understand that these feature adjustments are subjective. The modifications are made to the comparables to make […]
Reader Question: Our agent’s home pricing is confusing. The area we live developed with colonial style homes that all look the same. Our home is a craftsman style home that is custom-built. We built our home with branded concrete siding, expensive composite decking, and custom maple cabinets with built-ins throughout the home. We have heated […]
Reader Question: We are wondering about a kitchen remodel. My family is considering selling my mother’s home. The wood floors and bathrooms were recently redone; only the kitchen is old. Do you recommend putting $10,000 into replacing the kitchen cabinets and updating some of the appliances before selling? I have heard that the buyer often wants […]
Reader Question: You have answered questions for me in the past and I found you reassuring in the complex world we live in, so here I go again. I need to sell my home for $276,000.00 net to me after commissions. So how do I present my case that my asking price is sound and […]
Reader Question: My father and stepmother have both passed away and left my stepsister and stepbrothers and me and my two sisters equal parts of the house and land. My stepsister was in charge of her mom’s affairs before she passed and she wants to do something with the property but we don’t. What can […]
Reader Question: Is it wise to have your house professionally appraised, before you talk to an agent about listing? I asked my banker for an appraiser’s name as a referral, and they suggested an appraiser they use for loan purposes. I was wondering if I could get closer to an asking price, rather than taking […]