A common line of thinking among home sellers can be...
I know that the last three buyers in my neighborhood paid $X for their homes... but those homes didn't have ___ feature that my home does offer... so certainly, a buyer will pay $X + Y for my house.
Pardon my overly algebraic explanation.
Put another way... if your home has a particularly unique feature... that will be seen as desirable by many, most or all buyers... we'll need to think about how much more a buyer will be willing to pay for your house based on that feature.
This can be a rather mundane unique feature, such as a brand new roof compared to all of your neighbor's 25 year old roofs... or it can be a rather exciting feature, such as a freshly renovated primary bathroom compared to all of your neighbor's bathrooms that haven't been updated since the 1980's.
Regardless of what the main point of differentiation that sets your home above and beyond nearby competing homes... we'll eventually have to translate that feature into a value difference.
How much more will a buyer be willing to pay for THAT feature in your house compared to what another buyer paid for a similar home WITHOUT that feature?
We can think about that question in a variety of ways...
- How many buyers would find the feature desirable?
- How much did it cost you to add that feature?
- How much more do buyers pay for homes with that feature in other neighborhoods?
In the end, though, we'll need to attach some dollar amount to the feature and decide if we are confident enough that a buyer will pay $20K for that feature (for example) such that we will price your home $20K higher than we would have otherwise.