How much is my house actually worth today? Most owners can name a number here after a moment of reflection – but it rarely corresponds to the actual value. Studies show time and again that the majority of property owners overestimate the value of their homes. What is the reason for this and what can sellers do about it?
Who lives happily in its real estate and does not intend to move out all too soon, makes itself only few thoughts around the value of the home of one’s own. But if there is a sale on the horizon at some point, too high an asking price will ensure a long sales process.
Anyone who owns a house associates many memories with it. This alone gives the property a high emotional value. But handprints of children in concrete are for potential buyers rather a lack than an additional value. The emotional connection to the home of one’s own is only one factor that leads to an overestimation of value.
Those who have lived in their own home for a long time will certainly have invested a lot of money in maintenance. A new roof, a new façade or heating: all this has its price. However, this cannot simply be added to the price originally paid. Because for prospective buyers these things are a basic requirement and not a bonus.
Besides in the media is again and again spoken of rising real estate prices. The conclusion that the own real estate must have increased in value since the purchase is therefore obvious. How high the increase in value is, however, most owners do not know. It can help to orient itself at the real estate prices in the neighbourhood. However, these do not represent an exact measure, because year of construction, equipment, location and many other factors play into the price.
As a private seller it is difficult to get an exact idea of the value of the house. It helps to think rationally and not to be influenced by emotional memories. It is also important to get to grips with the local real estate market – online evaluation tools provide a clue here. However, they do not provide accurate data. If you want an accurate assessment, you can’t avoid an evaluation by a local real estate expert.
You want to sell your property and are unsure how much it is worth? We will be happy to advise you and take over the assessment for you. Contact us now.
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