The basic laws of supply and demand greatly impact what a buyer
is willing to pay for property and the amount financial institutions or lenders
are willing to finance.
Factors That Do
Not Affect a Property’s Value
What the owners paid when they built or bought the
Some of the improvements and upgrades the owners have made
to the property
The cash proceeds that the owners want or need from the
What friends, neighbors or relatives say a property is
Factors That Do Affect a Property’s Value
Style, condition, age, décor
Current market values
Time of year
How quickly the seller needs to sell
The probability of receiving an acceptable offer on your
property and completing a sale diminishes significantly when your asking price
is higher than the current market value.
The Dangers of Overpricing
An asking price that is beyond market range can adversely
affect the marketing of a property.
Fewer buyers are attracted and fewer offers received
Marketing time is prolonged and initial marketing momentum
If a property does sell above true market value, it may
not appraise, and the buyers may not be able to secure a loan
The property may eventually sell below market value
Contact a professional Prudential sales
agent to help you determine the correct price for your home.