Determining Your Home's Worth

Whether you live in Barbados or not, the single most important factor to consider when selling a house is the current value. How much is your property worth?  You don't want to overprice the house because you will lose the freshness of the home's appeal after the first few weeks of showings. On the other hand, don't worry about pricing it too low because homes priced below market value often may receive multiple offers, which will then drive up the price to market. Pricing is all about supply and demand. It is part art and part science, and no two agents price property the same way.

But We Want More Money

When the average seller sits down with a real estate agent, it's easy to get caught up in the excitement of choosing a sales price. Let’s face it -- more money means more financial opportunities for the property owner. It may mean the seller can afford to buy a more expensive home, or to help pay for their child's college education, or to take that greatly overdue vacation. Unfortunately, uninformed sellers often choose the listing agent who suggests the highest list price, which may not necessarily be the correct price and could prove costly in the long run. 

Establishing Value 

It may not matter how much money you think your home is worth. The person whose opinion matters is the buyer who makes an offer.  Pricing homes involves comparing similar properties, making adjustments for the differences among them, tracking market movements and taking stock of present inventory, all in an attempt to come up with a range of value which is an educated opinion.   This method is the same way an appraiser values a home.   And no two appraisals are ever exactly the same; however, they should be generally close to each other.   In other words, there is no hard and fast price tag to slap on your home. It is only an educated guess and the market will dictate the price.

With over 30 years experience in the Barbados Real Estate industry, Ron Karp Realty Ltd. has an intimate knowledge of the Barbados property market.  Contact us today and let our experience and local knowledge work for you.

 

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