There is a popular proverb, “Beauty is in the eye of the beholder.” Unique perspectives form subjective opinions on what is beautiful or what is not. The same came be true in many cases to features in a home and their value. “Value is in the eye of the beholder” is part of the art of pricing a home. An educated real estate advisor will help buyers and sellers navigate this portion of the subjective market.
A seller finds tremendous value in their backyard pool. It is a peaceful oasis that has hosted summer bbq’s, child birthday’s, and holds a memories of financial and sweat equity. The value for this pool in their eyes is extremely high.
Some buyers may agree, it could be exactly what they are looking for.
Some buyers may fall in love with the house, lot, and location but the backyard pool may be a negative. They don’t see the the oasis, they see the work, maintenance, and costs associated with having such a feature. While the house is exactly what they wanted, they aren’t willing to pay extra for the feature they didn’t really want in the first place. The value in their eyes is low or even negative.
So how does one navigate such subjectivity?
1) Be prepared for people to not love your home and its features as much as you do. You will most likely be your home’s greatest advocate with memories and investments attached, so it is unfair to have strangers who walk through the front door to feel the same way.
2) Hire a real estate advisor that will help you sell your home with the ‘well presented’ & ‘well priced’ model. An informed agent will know how to find the value in some of the subjective features and market it accordingly to get the best possible price for your home.
3) Move forward. With memories in hand, move forward towards your next housing decision. Instead of keeping feet firmly planted in what was, move towards ‘what could be.’ It is easier to let go and allow someone else decide what about your home they want to enjoy and value when you are gearing up for your new real estate property.
Just remember, while you may see this:
Others may see this (and thats ok!):
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