HONOLULU (HawaiiNewsNow) - On today's Real Estate of Mind, Realtor Nancy Metcalf shares her thoughts on the different views on pricing. Check out the video and look at her bullet points below.
Understanding a homes worth from the perspective of a buyer and realtor and what you can do as a seller.
As realtors, we look at the price of the home. This is determined by looking at what recently sold in the area similar in size and condition of the home. Also known as a Comparative Market Analysis or CMA. Other factors, such as, location and view, will also affects the price of a home.
Prospective buyers determines the worth of a home by it's value. How important is the number of bedrooms and bath, view, location, upgrades, feature, etc? For example, a home next to a playground or park could be more valuable for someone who has a family or pets than for someone who doesn't.
Most sellers believe their house is worth what it cost them. This includes what they paid for house and what was paid for upgrades and improvements. But these improvements add value to the property, not cost. As pointed out earlier, value is determined by how important this is for a prospective buyer. Buyer's preference is also subjective. Keep this in mind when you're considering upgrades to your home and you could get more than what you think your home is worth.
Example Property: Kamuela Place, Vacant Land - Dowsett
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