Today I had the privilege of showing a home in my neighborhood of Rancho Penasquitos, San Diego. The address looked familiar to me and couldn’t understand why. Then I realized that I knew the previous owner.
However, they sold it in March to a new couple. It was listed $150K more than it was 9 months ago.
Why is it $150K more? It was completely remodeled and it didn’t really need it. Clients loved the location but the house didn’t “feel right”. Maybe it was the price – more per sq ft? May be the upgrades? Whatever the thought may be, your home needs to me priced correctly.
Here are five things you should know when your pricing your home to sell:
When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area.
1. Location: Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better.
2. Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It‘s best to use the most recent sales data available.
3.Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
4.Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles.
5. Sale types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons.
If you are looking for an honest price on your home, give me a call. I will price your home competitively to sell in the San Diego market and give you my best price and opinion.
DRE Lic. #01893550