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Sunday, September 18, 2011

Home Seller Tip: Your Listing Price - How? Why? Really?

I just saw a newer listing and the price confused me.   I know that particular Viera, Florida neighborhood.

The price was 50% higher than the other dozen or so listings in the neighborhood.  It was about 60%  higher than anything that has sold in the neighborhood this year! 

Is it an over improvement or an overly optimistic seller?

In today’s buyer market in Brevard County, an overly optimistic seller will eventually (if motivated) come around to market realities.

But, in any real estate market, an over improvement will likely never be recouped in a selling price.

When you are ready to build or re-model, keep this in mind.  I am frequently asked if putting in a pool will add value to a house.  My response is always the same.  Put a pool in if you are going to use it – not as a way to make money!

According to Remodeling magazine the best opportunity to recoup is found in door replacements (entry door and garage door) followed closely by a minor kitchen remodel.  Remodel efforts should be aimed at quality of life rather than being seen as a 100% return on your dollar.  So what if the kitchen remodel only returns 75% of the cost if you enjoy living with your new kitchen!

A word of caution here...do not confuse remodeling and improvement with necessary maintenance.



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