By Kathy Henne

How would you place a value on your home? More critically, how would you put a price on your home? Sounds like the same question, but it suggests the difference between price and the value that’s important to understand as you prepare to sell your home.

Two homes may have identical features and square footage, but factors like location and condition can impact the homes’ perceived value. If your home is on a busy street or backs up to the freeway, your value will be less than similar homes. If you’ve updated your kitchen with new cabinets, replaced the orange counter tops with something neutral, replaced the red shag carpet with neutral Berber carpet or even some neutral new short shag, or replaced the pink or blue tub and sink with new white ones, your value will be higher than the homes who still have outdated carpet, kitchens, and baths. To arrive at an attractive asking price, you must compare your home’s value against its competition, which is easily done with the help of your experienced real estate professional.

Your goal is to set the right price in the beginning. Your best window for an excellent offer will come within the first three weeks, so if you don’t see any activity in that time frame, take action to reposition your home, quick! You need to consider real estate dynamics — new listings you’re competing against, the homes that the buyers choose to purchase instead of yours, shifts in inventory, and so on.

Your best source of information and guidance is your neighborhood real estate professional, whose vocation it is to monitor all those conditions that effect real estate sales and bring buyers and sellers to the table for a satisfying transaction. Meet with your representative to discuss your motivation and timetable, compare your home’s value against the competition and homeowners who were successful in selling their home, and analyze current trends in your local market. The relationship between price and value will become crystal clear!