As you’re getting ready to sell your home, the thing that you’re probably thinking about the most is the price you want to list it at. Price is an intricate detail in the home selling process. Most homeowners are under the impression that their home is worth more than what it should actually be sold for. Overpricing your home will quickly turn away potential buyers. Of course you want the best value, but keep in mind that there are many factors to take into consideration when deciding on the listing price. It is important to remember to let go of your personal attachment to the home and focus on the major selling points. Square footage, lot size, age, condition, and location, are the essential items to address. Allow us to help you better understand real estate comparable sales.
Compare these with your home
Age and Condition
It is important to stay within a five-year range when comparing your home to others and keep in mind that newer homes aren’t necessarily priced higher than older ones. The market can fluctuate drastically even in the same year. Pay close attention to the details of the condition of the home like remodels, upgrades, etc.
It makes sense that the bigger the property, the higher the listing price. The square footage is what usually stands out the most to many buyers during their search.
Bedrooms and Bathrooms
Like square footage, the number of bedrooms and bathrooms has a huge affect on the price of the home. Families often focus on this number to make sure is sufficient enough for their needs.
The more amenities, the more appealing it is, and the higher the price. Kitchen appliances, materials, walk-in closets, a pool, are all amenities buyers look for.
Lot size is directly correlated with price. When you compare your home to others, stay within .05 acres to get a more accurate estimate.
This factor relates to the neighborhood in Encinitas, and even where it sits on the street. Buyers will be looking at whether or not it has a view as well as any inconveniences such as noise and traffic.
The little details that make a major difference
An appraiser will only look at other comparable homes that have sold within 90 days. So do yourself a favor and ditch those older sales, your home could be worth more. In fact, in some parts of North County San Diego we have seen a fast pace of appreciation, so much, sellers should consider looking back 60 days of sales.
Look at other homes in person:
Don’t just analyze the competition online, ask your Realtor to take you to other homes for sale to get a better visual. This method will help better determine your homes true value.
List vs. Sale Prices:
Don’t pay much attention to the list prices when comparing your home. The fact is, anyone can place their home on the market for 5-10% more compared to other recent sales, but will it sell at that price? The difference in list price and sales price is a big indicator of where the market is heading and will suggest how much more or less your ideal asking price should be.