The truth is – ALL HOMES ARE UNIQUE! There are simply no two homes that are exactly alike in every way…
When pricing your home there are some key factors that your Realtor will consider:
Style of the home ( cape, ranch, colonial, condo, townhouse, etc)
Age of the home
Number of beds/baths
Size of the lot
General condition of the home
Any special amenities: Garage, pool, shed, in law apartment, finished basement…etc
And of course #1 -LOCATION LOCATION LOCATION!
Your home will always fall into a range of pricing along with other homes similar to it and close in proximity.No matter how unique your home is it will still fall into that range. If your home is freshly painted – it will still fall into that range. If there’s a hot tub on your deck- it will still fall into that range. If your home has an extra half bath rarely found in your area – it will still fall into that range. If your home is made of brazilian logs – it will still fall into that range. If all your appliances are new – it will still fall into that range. If you had all the wall coverings handmade overseas – it will still fall into that range. If your home has a finished basement – it will still fall into that range. If Grampa built the house by hand – it will still fall into that range. If the home has been regularly maintained – it will still fall into that range.
While having additional desirable features over other similar homes are nice to have while you live in the home and will help you sell faster, your home will still sell in line with other homes in the neighborhood, even if it is in fact “UNIQUE”. No matter how fancy your 3 bedroom, 2 bath 1500 square foot ranch really is, if all the other 3BR/2BA 1500 square foot ranches are selling in the $180,000 – $220,000 range, no improvement to the home will push the value of your home into the $250,000-$300,000 range.
So while your home is in fact unique, so is every other home for sale in your town. While everyones home is special to them, buyers will not consider your home unique to a point where they will pay over market value for it. Price along with the SOLD comps of similar homes in your area, even if you think your house is “THE BEST!”.
Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.