Tell Me What My Home Is Worth! No Don't, I Don't Want To Know! OK, Give It To Me Straight! I Think!

Tell me what my home is worth! No don't, I don't want to know! OK, give it to me straight! I think!

It is the age old question all sellers need to know - really deep down, at the bottom of their pocketbooks. It is also the answer they may fear the most. We may answer it in many ways. But the most important thing we do is to be honest in what we say. Whether our answer is liked or not, it simply must be honest. It must also be gentle.

They raised a family there. Family traditions and celebrations. First dates and Proms. Parties and touch football in the yard. Hamsters and family hounds. Every shrub lovingly planted; every wall a familiar wallpaper they chose themselves; every nick in those wood floors a memory of something important in their life together; every stain on that carpet a memorable event on its own (OK we really DO hope there aren't many of those!)

In today's more difficult real estate market, it will occasionally be our fates as Agents to have to focus the glare of market reality onto something that is emotionally priceless. We will have to bring their feet down to earth. We may find ourselves throwing cold water on the memories! We may end up diminishing the past! How can we be so heartless?

Well that's the key isn't it? We hope of course that the market meets those fond memories. When it doesn't we have to dredge up every ounce of compassion, civility and just plain human-ness to deliver news of a harsher reality.

In simple terms, the value of your home is quite literally only what someone will offer for it - as tempered by what a Lender will lend to pay for it. In the cold hard light of day, what value an agent suggests, and what the seller and buyer agree to isn't all that relevant unless a Lender will lend the buyer the money to buy. And that folks is where the appraiser comes in. The lenders care a lot more about that opnion than anything else.

The goal of the agent in recommending a listing price is to marry the needs and goals of the seller with the objective market reality of an appraiser. And therein lies the complexity of the task. Whatever price is chosen MUST be wholly defensible and demonstrable to the Lender. If it isn't then all is for nought.

So here is what we must do to find that value Mr. & Mrs. Seller. First we must put aside the memories. After all, they are for you - not for anyone else. They are yours alone to cherish and in your hearts you know that you can't force strangers to value them as you do.

Second we will try to help you to understand that despite all the emotions that swirl about the minds of sellers and buyers, this is, in the end, a business transaction involving a lot of money. We have to keep that in the forefront of our minds.

Third, we will present you with a valuation range based upon the following realities:

1. We will find actual final selling prices of similar or comparable homes that have sold within the last 6-12 months. If we can't find anything comparable in the immediate community in that time period, we will extend the search geographically but we won't go back further into the past.

2. Similar or comparable means in terms of style, size, age, location, amenities, quality and condition.

3. We will consider the level of updates to your home both in terms of what we call core systems (HVAC, Electrical, Roof, etc) and in terms of current design standards (especially kitchens and baths). We may recommend some updating and repairs. If you are considering updates already, we will recommend that you look first to core systems. We would rather you have a good roof and a high-efficiency furnace than spend money on granite countertops.

When all is said and done, the market will tell you what it thinks. Visitors without offers don't get it done. The right price and the right condition mean a home sold quickly.

Remember too that we need to work as a partnership to achieve your goals. Two-way communication and honesty is essential throughout the process.