Do you know the difference between Perception vs reality? They are often different things. Even more important is the fact that perception has a lot more do with what you can charge for a product than what it is really worth in absolute terms. And this holds true for real estate just as much as it does for retail sales. Let’s take a look, then, at just what perceived value is and how you can make it work when selling your Reno Nevada house.
What Is Perceived Value?
As the word indicates, perceived value mostly refers to perception and has little to do with objective reality. It is the personal view of a consumer about the value to a specific product and has little link with the real market value of the product. A customer achieves this perceived value based on how well she believes the item can satisfy their needs or desires.
Good marketers know their customers. So the will always will sell you of the benefits over an items features. What the item can do for them is the primary thing for customers. So the perceived value of the product – what customers are prepared to pay for it – is determined exclusively by the extent to which customers think it can satisfy their requirements and provide the advantages they want.
In real estate perceived value is important. Often times buyers will pay more for a house when they feel like they benefit from buying a house and the perceived value is high. For example, 160 brand new tiles on a bathroom floor won’t’ increase perceived value. But an up-to-date bathroom with inviting amenities that make using it such a pleasure that it will brighten the mood of everyone living there will. And buyers will perceive that bathroom to have more value.
How to Increase Perceived Value When Selling Your Reno Nevada House
There are many ways to add value to you house. Effective tactics that are shown to work when id comes to increasing perceived value include:
PAINTING INTERIOR AND EXTERIOR
As much as faded, peeling paint, almost nothing turns buyers off, either inside or outside a home. If you repaint in neutral tones, buyers ‘ value will be increased in your house.
PERFORMING MINOR BUT VISIBLE REPAIRS AND UPGRADES
If it seems to have been well maintained, your house will have more perceived importance. So be sure to make all those repairs and upgrades that are very noticeable.
CLEANING AND DE-CLUTTERING THOROUGHLY
Similarly, that well-maintained appearance can be further enhanced if you clean and de-clutter thoroughly. Strive for a well-tended lawn, sparkling windows, shiny floors, and order throughout.
PLANTING SOME FRUIT TREES
Today, most people lean towards green, so planting fruit trees can add value. Everyone loves collecting their own food because it gives them a sense of self-sufficiency.
HIDING A BAD VIEW
Most of the perceived value is about appearances, so hide it if your home has a bad view. If you look at a landfill or railroad track on one side of the house, say, you should conceal it by planting shrubs or setting up a privacy fence.
REDUCING NEIGHBORHOOD NOISE
Perceived value includes not only what can be seen by buyers, but also what they can hear. So you should do all you can to decrease the noise from the neighborhood. You can’t move your home away from the airport, of course, but to reduce the noise you can put in fences and hedges. A quiet, enjoyable home for buyers will have more perceived importance.
An added bonus is that many of the things you’re doing to boost perceived value for your Reno Nevada house will also boost the value you’re assessing. However, there’s only one catch. Something that increases perceived value can vary from local to local market–distinct buyers value distinct stuff. That’s where an invaluable asset can be your local real estate agent. Your real will help you determine and help you calculate the true value of your house.
Perceived value is sometimes a tricky thing, so let our experienced Reno Nevada Real Estate Agents give you a hand. Find out how by contacting us today! 775-525-0980