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10 Tips for Pricing Your Home


8
Think Like a Buyer
Your home is probably worth top dollar to you because it's full of memories, but try to consider things from a buyer's point of view.
Your home is probably worth top dollar to you because it's full of memories, but try to consider things from a buyer's point of view.
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You've heard the term "sentimental value." And just as the word "value" implies, the memories your house holds can add to its price. That is, if you're thinking like a seller.

If you're thinking like a buyer, however, these memories don't mean a whit. Neither does your seller's optimism. When you're pricing your home, learn to think like a buyer and not like a seller. Prepare to be rational.

For example, when looking at your house among a menu of comparables, imagine which one you'd buy if you were looking at them from an outside point of view.

However, don't be afraid to use irrationality in your favor. The grocery store knows that a $2.99 gallon of milk might as well be $3, but for whatever reason, consumers continue to see $2.99 as significantly less expensive than milk a cent pricier. So think like a buyer and imagine the big, round numbers that are near your house's value. Instead of pricing just above these estimates, price just below them.


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