Seller's Guide
Lansing Area Real Estate
Setting the Price

Factors that affect your home’s market value

Your home's price will be affected by its location, condition and amenities.

Location - You can never change or control a homes location. It's either desirable or it isn't. Obviously, a good location will command a higher price
than a similar home in a poor one.


Condition - This is something you can control. A home in need of too much repair and updating must be priced to reflect its condition. Buyer's will avoid homes that come with built-in expenses.


Amenities - This can cover everything from neighborhood and community features to finished basements, three-car garages and yard size. Expensive kitchen appliances and cabinetry can be used as a sales tool to attract
attention and boost the price.


Fair Market Value

Homes generally have a recognizable style and are located in a market area, often a subdivision, with comparable homes. Based on sales of comparable homes it easy enough to determine a "price range" for your home. The next step is to determine where your home fits within the price range and setting a realistic price.

Pricing competitively with homes in your "price range" is considered offering at "fair market value" and will attract buyers.


Seller Sets the Price

The home belongs to you. It up to you to set the asking price. Your Lawton Group Realtor will explain current market conditions and provide a Market Analysis for guidance, but it's up to you to choose a price you can live with. It's important that you set a realistic asking price that will attract buyers to your home. A price that discourages the prospects will only cause your home to linger on the market.

Buyers tend to shop by price and will ignore a property that is outside their price range. They won’t ponder your pricing rationale, they’ll simply reject it!


Factors that DO NOT affect your home’s market value
The following have nothing to do with the market value of your home and should not be used to set the price:


  • How much you paid for your home.
  • The amount of debt on the home.
  • How much you paid for improvements on your home.
  • The value of a similar home in a different community.
  • How much money you need to purchase your next home.
  • How much it will cost to build the same house today.
  • Your personal attachment to the home.
  • Opinions of friends and relatives who are not in touch with the real estate market.
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