Assuming you price your property appropriately, your home for sale should start to gain awareness and leads within hours. But what exactly goes into setting a list price? Let’s delve into the primary factors that affect the specific dollar amount you ask for your residence.
1) Understand the local real estate market
As noted, your real estate agent has considerable intelligence regarding the market in which they work, so leave it to them to source data and create reports that give paint you an accurate picture of what others have done with their listings price-wise. In turn, this information can inform your own price-setting. In addition to what others listed and sold their homes for, though, you need to take into account factors like home style/type, square footage, age, and how long their homes sat on the market.
2) Consider a professional appraisal
Hiring a professional appraiser, which usually runs a few hundred dollars, can tell you about the condition of every last detail of your home. These certified and licensed professionals conduct thorough searches of residences to gauge their worth and, as with a market analysis your agent performs, compare homes to those of others nearby in terms of quality, newness, and amenities.
3) Be wary of 0nline home valuations
Search for “home valuation tool” in Google and you’ll get quite a few — er, millions — of results, so there’s no shortage of online resources that can give you a rough estimate of your home’s value. Also, remember just that: These will be rough values. For instance, Zillow’s “Zestimate” tool is arguably the most popular home value calculator, but it’s certainly flawed and doesn’t always provide the most precise data.
4) Stay realistic with your home price
What your list price really, ultimately comes down to is figuring out what home buyers are spending on properties at the moment in your neck of the woods and what you’re comfortable with putting your residence on the market for. There is no one perfect price — rather, you simply need to take some time to evaluate all of these aforementioned factors and consult with your agent to find the idea middle zone.
The Millennial’s Guide to Buying a Home in Santa Barbara
Millennials who want to invest in real estate have it harder than many other generations. Real estate prices are at record or near-record highs in just about every major market in the country, and even though employment is good, wages still haven’t kept up with the home price increases, making it tougher than ever to…
Host the Ultimate Open House When Selling Your Santa Barbara Home
An open house can be an ideal way to introduce a bulk of buyers to the property you’re hoping to sell them, and done right, an open house can sometimes generate multiple offers. The key, though, is “done right” — not every open house is going to be a buyer’s bonanza, and not every open…
Painful Home Renovation Mistakes to Avoid this Year
One of the very best things about owning your own home is that you can change it to fit yourself and your lifestyle. Home renovations are more popular than ever before, and there are countless shows, blogs, magazines and other resources where you can indulge your dreams of a perfect home — if you’re willing…
19 Ideas to Upgrade Your Yard This Summer
Even though humans are a species that builds and maintains our own shelter (also known as “homes”), we can all appreciate the beauty that the natural outdoors has to offer — and indeed, there are entire industries dedicated to beautifying our own outdoor spaces so that we can reap maximum enjoyment out of them. If…
10 Considerations When Calculating Your Santa Barbara Home Value
There’s a reason why estimating a home’s value is a specialized process that’s typically executed by a licensed professional (also known as an appraiser) — it’s not easy to determine the fair-market value of a home in a particular point in time. Dozens of factors influence how much an average buyer might be willing to…
9 Common Types of Mortgage Loans for Homebuyers in Santa Barbara
If you’ve never bought a home before, the sheer number of mortgage loan options can be overwhelming. What’s the difference between a conventional loan and a government loan, and should you go with an adjustable-rate or fixed-rate mortgage? Even if you have bought a home before, if it’s been several years, then you might not…