Home Selling

Determining Price

The biggest misconception in real estate is that every home has its price. This idea is simply not true. Even appraisers, who have extensive training to evaluate homes will not agree on the value. If ten appraisers were paid for determining price on the same home on the same day each opinion will be different. The real truth is that every home has its price range. We often struggle and negotiate hard to find the right price when there is more than one right price for every home. There is a complete home value range for every home. Your goal is to assure yourself that you are within that range of value. Click here to learn the details.

Let’s look at some specific questions sent in by DearMonty readers from across the country. Read more Q&A articles about the “Determining Price” stage of the Home Selling process:

  1. Our agent is pricing our home using mass produced comps for our custom built home. How is it possible to compare them to our home?

    Reader Question: Our agent’s home pricing is confusing. The area we live developed with colonial style homes that all look the same. Our home is a craftsman style home that is custom-built. We built our home with branded concrete siding, expensive composite decking, and custom maple cabinets with built-ins throughout the home. We have heated […]

    June 6, 2017
  2. Should we do a kitchen remodel before selling our home?

    Reader Question: We are wondering about a kitchen remodel. My family is considering selling my mother’s home. The wood floors and bathrooms were recently redone; only the kitchen is old. Do you recommend putting $10,000 into replacing the kitchen cabinets and updating some of the appliances before selling? I have heard that the buyer often wants […]

    December 5, 2016
  3. 5 tips for singles buying first home

    Reader Question: I am going to look at my first house on Saturday. I am wondering whom the best person would be to take with me to visit. Is it better to go alone? Since you do not know my friends and family, both my dad and step-dad have done work on their own houses. […]

    July 22, 2013
  4. Selling your home? Be certain to check out the competition.

    Reader Question: Monty, what market information do we need to help us determine the asking price when we first offer our home for sale? Doug P. Monty’s Answer: Hello Doug, and thanks for your question. The words “market information” infer the question asked is about external market data separate from the data about your home. Asking about […]

    June 25, 2013
  5. The best method to value small business property.

    Reader Question: My husband and I own a small business on a commercially zoned street in a city with about 100,000 people. We are thinking of selling the business and property. Could you recommend an appraiser here? The building is very old and is “grandfathered.” We also own an adjoining parking lot. We would like […]

    May 16, 2013
  6. Making adjustments indispensable when valuating property.

    Reader Question: Is it proper in valuing residential real estate to adjust the comparable sales value by the “cost” of amenities not present in the comparison properties (i.e. an outbuilding-indoor riding arena)? Fran D. Monty’s Answer: Hello Fran, thanks for your question. The answer is “yes,” unless the building is about to fall over. Fee […]

    April 8, 2013
  7. How do you evaluate investment property?

    Reader Question: My parents have rental properties and are thinking of selling them off to fund retirement. How would you go about evaluating investment property? We know what the house appraised for, but do you somehow figure in the income the property makes? I guess what I am asking is ” Is the property worth more […]

    March 19, 2013
  8. Tips For Evaluating Vacant Land

    Reader Question: I have 39.75 acres off I-40. What is it worth? Mike Monty’s Answer:  Hello Mike. I cannot answer the question without walking the land. I-40 is a 2,559 miles long highway. It goes through 8 states; from large metro areas to very isolated rural places. The property values along the highway vary like […]

    November 28, 2012