The price
that is set when a home goes on the market is defined as the
list price, while the amount the property actually fetches is
the sales price. Homeowners should consider the list and sales
prices of similar, recently sold properties in an area when
setting a price for their own residence. Sales below the list
price typically indicate a buyer's market, while full price is
usually paid in a seller's market.
While a residential property's value can be diminished if it
is located on a noisy, heavily traveled corner, this does not
necessarily need to be reflected in the list price. That's
because market value is based on other factors as well –
including the size and appearance of the lot, the neighborhood's
quality, the home's condition and features, comparable sales
prices, and the current market climate.
Repairs must also be considered, and homeowners should get a
pre-inspection to ensure that they come up with the most
appropriate price. Owners who choose to sell a home "as is"
should remember that doing so forces the buyer to assume
responsibility for the repairs but ultimately reduces the sales
price.
"Questions and Answers About Home Value," Inman News
Features Online (02/28/02).
Abstracts Copyright © 2002; Information Inc.,
