Friday, May 9, 2014

Can You Establish Your Home's Value Based on How Much Money You Need?


You and you next door neighbor have identical homes. You both paid $150,000 for your homes last year.

Your next door neighbor is listing his home for $150,000 and retiring to a smaller condominium.

You are listing your home for $225,000. Why?

Because you need more money. You decided on your listing price based on the following person needs:

  • $150,000 Original purchase price of your home.
  • $20,000 You want to recoup last year's mortgage payments.
  • $10,000 You feel real estate prices should always go up.
  • $12,000 You need this extra cash for the vacation you always needed. (and Las Vegas isn't cheap!)
  • $18,000 This will pay off your credit card balances.
  • $5,000 Moving expenses.
  • $10,000 Closing costs and miscellaneous stuff.
  • $10,000 Down payment on that new four-wheel drive sports utility vehicle you always wanted.
  • $225,000 Total needed from the sale of your home.
Since your home and your neighbor's home are identical, which one is going to sell?

Your neighbor's home.

Buyers don't care how much money you need. They only care about the present market value of your home.

If you based your listing price on your on your need ($225,000) you will get to keep your home. 





Terez B. Harris
Keller Williams Realty New Orleans
504 975 1033
TerezHarris@KW.com
TerezSellsNolaHomes.com
8601 Leake Ave., New Orleans, La 70118

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Terez B. Harris  Terez Harris NOLA Real Estate Group  504-297-2619  www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.

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