The Difference Between Property Appeal & Property Value

Performance Property Real Estate Question

Q: Gerald, my realtor sent me a market analysis for our home that we are selling, but I think the price is too low because it doesn’t take into account the fact that we have a finished basement, new roof and new deck. I want to get as much money for our home as I can. Christine, Scotch Plains, NJ

A: I agree that your finished basement, new roof and new deck are items that increase the appeal of your home to prospective buyers which is very important however, the value of your home which is what the comparative market analysis (CMA) indicates is based on what similar homes have recently sold for in your neighborhood. Both property appeal and property value are important to selling your home. If your home doesn’t appeal to any buyers then it won’t sell. Property value is based on facts (specifically recently sold comparables), whereas property appeal is based on personal taste and feelings. Thanks for your question, Christine.

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