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Real Estate Truths: Home Value & Upgrades

By Karen Hoeve Published 08/21/2007 | Real Estate
Some people have the tendency to wonder about the value that their homes hold and how they can be improved. But they are also wondering if upgrading their home via additions and renovations is really worth it. In some cases the home may not be able to have it's value raised much and still remain competitive in it's area. This is the case when the home is already priced at the higher end of the homes in that area. If this is your home then increasing the value and price may make the home that much more difficult to sell, and of course; the idea is to make the home easier to sell not harder. Raising the price will eliminate buyers from eligibility.

To make the sale easier on yourself the best idea is to continually justify your original asking price. By building value in the home and keeping the asking price at it's original level you may not realize it but you are in the process of keeping more money from your home sale. By improving the product that buyers are going to receive sellers can ensure that their asking price is met. Being smart about your home sale and how you price your home is essential to the success of the transaction. Overpricing a home is a mistake that many sellers make and it is a hard mistake to recover from.

Improving value can be a tricky game as the market fluctuates almost endlessly and what buyers are looking for and can afford is not something that can really be accurately predicted. It is pretty easy to renovate enough that your price your home out of the local market, or at least the neighborhood.You see, there is a certain price that will be definitive of the neighborhood that your home is in, say the 199,00- - 250,000 range. Now with homes selling for that price it will be hard to sell a newly renovated home for 325,000. As a seller you may be better off just improving the things that your home already has and making sure that it commands a price in the top of the neighborhood's price range.

Karen Hoeve is a professional realtor who specializes in the dynamic Raleigh real estate market. With over 20 years experience, Karen has dedicated her life to bringing families and homes together. For more information contact Karen today or visit www.yourraleigh.com.