How to Determine Home Price vs Home Value with Video❓🏠💲

When it comes to navigating the real estate market in Metro Detroit, MI, whether you’re buying or selling a home, understanding the distinction between the home price and a value-driven approach is key.

How to Determine Home Price in Metro Deroit | Team Tag It Sold

How to Determine Home Price Driven Approach

First up, let’s dive into what we call the “Home Prices Strategy” for Metro Detroit. With your finger on the pulse of the real estate market, thanks to the Multiple Listing Service (MLS), you’re already ahead of the game.

Inside Track from the MLS

This tool gives you the inside track on recently sold properties, current active listings, upcoming gems marked as “coming soon,” and even those pending sales to determine the home price approach. The key here? Match up your home’s features with similar properties out there. Think of it as setting up your home on a “real estate dating app”—you want to find its perfect match based on location, features, and price point. That’s how you’ll know you’re getting a competitive yet profitable asking price.

Step #1 ~ Sold Properties 

Determine Home Price Driven Approach for Metro  Detroit 

Let’s dive into uncovering the hidden gems of the real estate market in your location! I recommend starting with the video below. In Phase #1 of our journey, we’re delving into the fascinating world of sold properties and home prices in Metro Detroit. 📈🏡 Ever wondered how to navigate through all that sold data? Look no further in how to determine a home price approach! I’ve put together a step-by-step how-to video about deciphering sold data. It’s not just about the numbers – it’s about comparing features to features. With my guidance, you’ll understand the process and gain valuable insights from real-life examples. Ready to take the plunge? And guess what? You can level up your search game by tweaking advanced functions – from refining prices to comparing house features side by side. Get ready to embark on this exciting journey of discovery in the real estate market! 🚀🔑

Play Video

Determine Home Price Driven Approach for Metro Detroit

Phase  #2~ Get the Scoop on Active, Coming Soon and Pending 

Step 1: Know Your Competition

Ready to get into the nitty-gritty? It’s time to spy on the competition in Metro Detroit. And by competition, I mean the active and “coming soon” listings. Don’t worry; I’ve got a handy video that walks you through setting up custom criteria to match properties similar to yours. The goal? A rock-solid, price-driven strategy. Make sure you’re comparing apples to apples. Use the filter options to include key features like square footage, lot size, year built, etc. This will help you clearly understand what your home could be worth in the current market.

Step 2: Grab an Instant Report

Next, you’ll want an instant report that’s purely number-crunching. Generated by algorithms, this report provides another angle on your property’s potential price tag. If the numbers don’t add up, don’t sweat it. Head back to Step 1, tweak your criteria, and take another look at the data. Start with your Instant Property Valuation Report to determine a home price driven approach.

Step 3: Dive Deeper with RPR

For those who like to go the extra mile, request a report from Realtor Property Resource (RPR). This report doesn’t just include MLS listings; it also factors in privately sold homes. Relying on comprehensive data from your neighborhood and the surrounding areas, the RPR report uses advanced analytics to pinpoint your home’s price range. Want your RPR report? Click Here.

So there you have it—three solid steps to understanding your competition and pricing your home like a pro in Metro Detroit. Ready to get started? Watch the video and start your search. ⤵️.

Play Video about Learn How to Use the MLS System Active Search | Team Tag It Sold
Filter Status: Active ~ Active Under Contract ~ Coming Soon and Pending. 

Home Price Strategy | Team Tag It Sold

Prepare a Pricing Strategy

Let’s dive into the art of crafting a smart home pricing strategy for your location in Metro Detroit. Have you ever found yourself pondering over the comp listings your real estate agent hands you? It’s like comparing apples and oranges. Well, there’s a reason behind it. Many agents focus solely on the price when bringing you comps from the neighborhood. They’re sticking to a price driven approach, which might not always paint the whole picture. But fear not, we’re here to guide you through a more comprehensive strategy that ensures you’re looking at numbers and the heart and soul of each property. Let’s unravel the mystery behind a well-rounded pricing strategy!

Why do Home Prices Differ? 

“Don’t fall into the trap of thinking all homes in your neighborhood should be priced the same. That’s like saying all burgers should cost the same—it doesn’t matter if it’s fast food or organic gourmet. When you’re looking to sell, you’ve got to dig deeper than just surface-level ‘same neighborhood’ comparisons. Ask yourself: How does your home stack up regarding condition and upgrades? Have you recently remodeled your kitchen or installed a new roof? What about your competitors—are their homes looking a bit dated, or are they move-in ready? Ignoring these factors can seriously mess up your pricing strategy, making you either the overpriced house on the block or the one leaving money on the table. So, when it comes to getting the price right, details matter. A lot.”

How to Determine Home Value 

Price is what you pay; Value is what you get”
Home Value in Metro Detroit | Team Tag It Sold

Look, here’s the deal: No two homes are identical, right? That’s why a one-size-fits-all approach to pricing and marketing just doesn’t cut it. The first thing you’ve gotta do is lean into a Price Driven Approach to nail down a ballpark figure. This gives you a solid starting point by aligning your property with current market trends.

So, remember, the home valuation game has two main players: Price and Value. The Price Driven Approach gives you the big picture, but Value—divided into features and conditions—zooms in to give you the nitty-gritty details. And that’s how you get an accurate, tailor-made estimate that does your home justice.

Ready to Boost Your Home’s Value? Let’s Dive In!

Phase 1 ~ Prepping Value

Step into your home as if you were an expert appraiser. Walking from room to room, you’re not just observing—calculating your home’s worth. What makes your home unique? Let’s dig into some key factors that can raise or lower its value. Do you have a finished basement with a full bath vs. a half? Yes, even a daylight or walkout basement is worth more. Over the years, have you updated your mechanicals, roof, windows, kitchen, baths, paint, flooring, and carpet, which all play a pivotal role? Your home isn’t just a building; it’s an investment. Make it count.

Phase 2~ Appraisal Changes

The way home values are assessed has evolved in recent years. Now, quality matters as much as quantity! So, if you chose durable, 30-year shingles for your roof or went beyond essential updates, it could bump up your home’s worth. Your home’s selling price isn’t just about location or size; it’s also about the upgrades you’ve put in. Want to know the total value of your home? Don’t miss out—get a personalized Home Value Report today. Discover your home’s true worth and make confident decisions.

Selling Your House for More Money in Metro Detroit | Team Tag It Sold

Phase 3- Showcasing Your Home’s Value, Not Price

When selling your home, the process isn’t just about numbers; it’s about making a connection that resonates with potential buyers. This is where the magic happens, where we captivate buyers’ hearts and minds and guide them toward envisioning your property as their future home.

Connecting on a Personal Level: Why Emotion Matters 

Every home buyer is different, each with their dreams and wishes. That’s why I focus on making your home unforgettable, setting it apart from the rest. I do this by using top-notch marketing techniques on various platforms. More importantly, I highlight the unique features that connect people emotionally to your home. Why? When buyers think they’re attached to a home, they’re more likely to make generous offers.

But this process starts even before someone steps into your home. When potential buyers look at your property online, they imagine their life there. To ensure your home sticks in their minds, I use proven strategies that make your property shine online and help you get a better deal when you sell.

Stay tuned for more insights into how maximizing influence leads to greater rewards in the selling process. Our journey of creating lasting impressions has only just begun.

 Impact of Price

Impact of Pricing Your Home Right in Metro Detoit | Team Tag It Sold

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house to maximize demand for the home. By doing so, the seller will not negotiate with a buyer over the price but will instead have multiple buyers competing with each other over the house.

MORE Influence = MORE 💰

Key Take Away~  Decoding  Home Price vs. Home Value 

When selling your home in Metro Detroit, picking the right listing price isn’t just tossing a dart at a board full of numbers. So, first things first. You’ve got to sift through all this data to land on a realistic yet competitive price range. Get it right, and you’re golden; miss the mark, and you’ll either scare off potential buyers or leave money on the table. If you want to check foreclosure homes to see any in the area...click here.

But wait, there’s more. Once you’ve got that magic number—or should I say ‘range’?—the game’s not over. Now, you’ve got to “test the waters” in your specific market.

This is where we come in. Please think of us as your real estate ninjas, here to help you put all these puzzle pieces together. We’re not just throwing stuff at the wall and seeing what sticks. We use data-driven strategies to ensure you walk away from that closing table with more money in your pocket. We have an Influence plan, not an exposure plan. 

So, are you ready to play the game and win? Let’s do it. 🏠💰

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Pam Sawyyer @ Metro Detroit Home Experts

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