Correctly pricing a home when it's time to move

When planning to sell their home and move, some homeowners often make incorrect assumptions when trying to determine a selling price.

The most important factor determining the price of a home is its market value, and not necessarily the other factors that sellers commonly use to assess their home's worth, reported AOL Real Estate. The real estate market is in a constant state of change and mostly depends on objective factors, like the current value of similar homes in that area.

For instance, the amount a homeowner paid when they first bought their property has no bearing on its current value. The same holds true for home repairs and improvements, which might surprise many sellers. Usually a homeowner might assume that upgrading their kitchen would raise the value of their home, but the dollar-to-dollar return on that investment shrinks every day, said the website. Only "green" upgrades, designed to improve a home's energy efficiency, will affect resale price.

Sellers are advised to seek consultation from a real estate agent, reported Texas' Blanco County News. Most brokers have the tools to provide accurate and relevant valuation information for a particular region or neighborhood.


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