• The difference between perceived and market value
• How to increase the perceived value of your home
• How to time your home's sale
There are several things that affect your home's value, and a few of them are within your control! This article will help you with the things you can control, like your home's curb appeal and time of sale.
Your home's market value is the baseline for what you can expect to get for it.
Generally, this value comes from a market comparison your home to others that have sold with similar size and location. It's also affected by the state of the housing market.
You can learn more about how your home's market value is calculated in this article.
Your home's perceived value is how appealing it is to a buyer. This includes your home's curb appeal and how it appears on a listing service like Zillow.
Since the average buyer isn't aware of your home's technical market value, it's important to enhance your home's perceived value as best as possible before selling.
Before making improvements to your house, ask "Will this increase the market value or perceived value?"
The cost of improvements should always be less than the addition to your home's value.
One thing that may or may not be in your control is when you sell your house.
Sometimes, it will help to wait to list your home until peak season (This will be Summer for the Emerald Coast).
The condition of the real estate market at large will also affect your home's market value.
If you aren't in a major hurry to sell your home, be sure to talk with your realtor about the best times to sell.
The fastest and most effective way to increase the value of your home is presentation.
According to our research, improving your curb appeal with basic lawn care and cleanup is the number 1 thing you can do to improve the marketability of your home.
Whether in pictures or in person, curb appeal increases perceived home value by between 5-11%, while helping you sell faster.
When the “for sale” sign goes up, consider what your home looks like from the front, including anything from the state of the lawn to fresh paint on the door.
Make sure entryways are well-lit, and clean extra well for open houses.
Of course, your asking price will be based on the estimated value of the home on the market.
Depending on your needs, however, your real estate agent may recommend adjustments.
For example, realtors often recommend setting a fair market value price than setting a higher price, even if there’s a chance your home could sell for more.
Homes priced more than 3% over their market value take longer to sell, which can cause potential buyers to wonder why it’s been on the market so long and skip over the listing.
This can force you to drop the price to below market value to get a sale.
Talk to your realtor about your home to see what asking price would get an offer!