Taking The Emotion Out Of A Market Appraisal
The appraisal price should be backed up by evidence from previous sales. When considering the market price for your home you have to leave out your emotional attachment. For some, this can be very hard. Your home is part of the fabric of your life.
Your home is always being sold with competition, never in isolation.
Try to look at your home through the buyer’s eyes.
When you look around, you see memories. A buyer is trying to imagine their family living there. The buyer’s dream home will reflect their personalities, not yours.
Buyers may not necessarily be looking for that particular area, that particular street or that particular style of house. They could be just evaluating what they can buy for the money and where they can make compromises.
You could ask yourself, “What other 4 bedroom house can you buy in this part of the suburb for less money?” That may be so, but in the next suburb (which may not be quite as desirable) you may be able to buy a 4 bedroom house with an extra bathroom.
A buyer is comparing other suburbs, other streets, other styles of houses and features to see if they can compromise and get a better deal.
You may look around the house and see how much hard work you put into painting it 10 years ago. A buyer sees that the house hasn’t been painted in 10 years!
There is every chance you have decorated the house to reflect your personality. You may see a “quirky purple feature wall in the 2nd bedroom”, however buyer may see paint that will clash with their bedroom setting.
You may look at the pergola and think, “It won’t take much time or money to fix up”. A buyer may see the fact that after all the effort of finding the place, then moving in plus the huge expense of the house, that they still have to fix up the pergola.
If you put your property on the market at too high a price and plan to hold out for your dream price, you are effectively the highest bidder. Are you waiting for a “white knight”, or will you accept the current market conditions?
You are making a simple decision; meet the market and release the property or keep the property.