What Is This Property Worth To You, Most People, The Theoretical Buyer


What Is This Property Worth To You, Most People, The Theoretical Buyer
By Scott Rogers • September 18, 2018
If beauty is in the eye of the beholder, perhaps home value is in the eye of the buyer. While viewing a unique property yesterday, I was discussing the value with my clients. The value of that property (and perhaps any property) can seem to vary quite a bit. Let's pretend the unique property is listed for $400K. (it's not) The value to YOU -- how much a property is worth to you likely relates to how well it fulfill your needs, what your budget is for a purchase, what it would cost to make changes to the house to allow it to work well for you, etc. In this case, the house might only be worth $300K to you because it is larger than you actually need it to be, and you'd need to add a bathroom, and renovate the attic. The value to MOST PEOPLE -- how much a property would be worth to most buyers who might look at it is an important perspective for a seller to seek to understand. If ten possible buyers walked through this home and all concluded that they'd pay $350K, perhaps the house is overpriced. The value to the THEORETICAL BUYER -- in theory, if a buyer existed (now or in the future) for whom this was the absolute perfect amount of space, layout, condition, location, etc., maybe they would be head over heels in love with the house and ready to pay $375K. As a seller, you need to decide if you want to wait for that theoretical buyer -- who might not really exist -- or if you want to price your home to make its value seem reasonable to most people -- or if you want to be willing to negotiate down to a price that could work for nearly anyone. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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