Wenatchee Real Estate: Factors That Influence The Value Of Your Home

It goes without saying that all homeowners want to realize the best price possible when it's time to sell their home. 

What factors do affect the ultimate selling price?

• Current real estate market conditions:  Market conditions change constantly, and I mean constantly.  It is critical to be aware of the most current selling & buying environment.  How many homes are currently on the local market? How many homes are selling per month in each price range?  How many home listings "expire" due to over pricing?  What is the "pending" to "closing" ratio?  If you and your agent aren't aware of the most current conditions, your home could get left in the proverbial dust, while other homes sell.
• The market knowledge, marketing ability, and reputation of your real estate agent:   Market knowledge and marketing ability are a given, of course.  The reputation of your agent is equally as important because you want other agents, loan officers, appraisers, inspectors and other industry professionals to enjoy working with YOUR agent to get your home sold and closed quickly.  Selling a home takes many people throughout the process.  To help it go smoothly, everyone must work together amicably.
• Hard facts such location, lot size, square footage:  These are factors you can't change. Focus on maximizing any shortcomings of these factors, if necessary.  That is fodder for another entire post.
• Selling and listing price of comparable homes in the area:  If you and your agent aren't familiar with comparable homes in the area, you are shooting in the dark.  It is not enough to know the size, number of bedrooms and bathrooms.  You must be familiar with interior condition and amenities of the competition.  
• A comprehensive real estate marketing plan:  There are so many options out there for promoting your property now, it is impossible to use them all.  Your agent must know what is most effective for your home in the Wenatchee real estate market area now.
• Your level of motivation:  This will affect your willingness to price your home properly and do what is necessary to make it stand out against the competition.  If you are not motivated, I wouldn't recommend wasting your time, or the time of other professionals involved in the process.  There are too many people out there that do NEED to sell and need the full attention of those professionals working for them.

Factors that do NOT affect the price of your home:

• The profit you wish to make from the sale:  Buyers don't care how much money you want or need.  They only look at your home in comparison to what else is available for them to choose from.  
• The amount of money spent on improvements:  Improvements often help your home sell, but  rarely will return your investment dollar for dollar.  The most common exceptions would be painting and carpeting.  If you are considering major improvements, consult a real estate agent and get a "before" and "after" opinion of value.  This will help you determine whether you should do the improvements or consider selling and then buying a home more suited to your wants and needs.
• The original price you paid for your home.  The price you paid has absolutely no bearing on it' current value!   Market conditions are the only factor determining the current value of your home.  

Erin Davidson
Wenatchee Real Estate agent

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