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Real Estate Tips

Pricing >The Value of Your House

One of the sayings from the "gold-rush" days--"Them that's got the gold, sets the price!"--is also a principle that applies to real estate. We say that a house is only worth what someone will pay for it, even though the owner, the bank, and the agent all have their own opinions about the "market value" of a home. In other words, no sale ever takes place until the buyer agrees with the price.

How can sellers arrive at the maximum "fair" price that buyers are willing to pay? Buyers (and appraisers) make their decision based on comparisons. While shopping for a home, buyers will visit many similar homes in their price range and measure the features of each one against the price. They decide which house offers them the maximum value for the price. Buyers do not expect a home to be a "steal" or dramatically under-priced, but they do expect it to be a fair value.

Sellers must determine the value that their home offers in order to arrive at the right price. The real estate agent will advise the sellers what buyers should be willing to pay for their home, but the asking price is set by the seller.

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Real Estate Trivia

Q 
What is the most unusual maintenance project done once each year in the United States?

A 
The Niagara Falls is shut down for maintenance every year in the fall by diverting the flow of water for 24 hours using a massive series of pipes constructed in 1837.
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Teresa Benningfield, REALTOR®, real estate agent and broker for NW Arkansas, Bentonville and Bella Vista, Arkansas home listings, property and land for sale - NUMBER1EXPERT

Teresa Benningfield
Weichert, Realtors - The Griffin Company

2809 Ajax Avenue, Suite 300
Rogers, AR 72758
Cell: (479) 936-6873
Office: (479) 273-1778
Fax: (479) 878-6167
Brooke Hernandez, Realtor: (479) 366-0149
eFax: (800) 765-3695
teresabenningfield@me.com

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