What Should NOT Affect Your Asking Price

So...you're thinking of selling your property? Definitely, Spring is the time to put it on the market. But don't make the mistake so many seem to make - don't misprice your property! Certain things matter in pricing, and certain things don't. Below is a short list of what should not affect the pricing of your property:

• Your cost. What you paid for the house does not affect the current market value. Period.
• Your Improvements. Okay, some improvements do count - typically, improvements to the kitchen or bath have the biggest impact, but even these can be neutral in impacting the price; if a potential buyer doesn't like what you've done, he won't care what you've spent to do it.
• The Assessed Value. Just because the local tax man has a high opinion of your property doesn't mean the buying public will share that enthusiasm. The market dictates price, not the tax man.
• Your needs. The value of a property is not necessarily relevant to what you "need" to get from the sale. How much a new property will cost you has zero to do with what your current property is worth. Value is determined by what buyers are willing to pay for a property, not by what the seller needs to net from the sale.
• Emotion. Value is based on market demand, not on how you feel about your house. Everyone thinks their own property is special. Is it? Put yourself in the buyer's place - you'll be comparing this property to others, and the fact that the colors are super duper and the carpeting is plus may not matter a whit to a buyer. Your property is only worth what the market will bear. Detach yourself from the emotion, and think like a buyer.

Price your property wisely. Properties which are mispriced age on the market, and invite low offers. Don't do your property an injustice - price it right the first time and you may get immediate and satisfying results!