Price and Value — a Difference That’s Important

The fall selling season is just around the corner, causing some homeowners to give serious thought to the prospect of listing their home. Particularly when it’s likely that you will be entering the Bainbridge Island market soon, when it comes to the important decision regarding setting the price of the property, it’s helpful to keep in mind that there is a meaningful difference between “price” and “value.” 

Price is the amount that a seller asks for their Bainbridge Island property — it’s that all-important number at the top of the listing that seeks to describe where it belongs in the hierarchy of homes for sale. But the fact is, it is different from the value — which is the amount the property is worth. The value is based on many factors, among them location (neighborhood and placement within the neighborhood), current market supply and demand, condition, distinguishing features of the property, and more.  

You can’t change the location of a home, nor the current market conditions — but by improving the property, a savvy seller can increase the value of his or her property. Dian Hymer is a nationally syndicated real estate columnist who has often written on the subject. She cites one example of location as a value determinant: “An incurable defect, like being located next to a freeway or on a busy street, is something that can’t be corrected.” On the other hand, she points out how other factors, like details whose maintenance has been deferred, are eminently correctable. 

That is why the oft-heard advice about the importance of improving a property before it comes to market are so on-target: deep clean the home, correct deferred maintenance items, clear out clutter, de-personalize, re-paint, re-fresh, re-organize! Some elements of property value can’t be changed, but a savvy seller can still materially raise that value – which is the real secret to fetching a higher price.

If you are looking to sell your Bainbridge Island property this fall, I have a marketing plan that can start right now – 30 days before listing – to help bring you top dollar. Call me today to set the wheels in motion!