If you are considering selling your home, your first question is likely “how much is my home worth?” There are many factors that determine the value of your property and the price you ultimately receive will depend on the motivation between you, the buyer, and market conditions.
Although many of the elements are out of your control, understanding these five factors will help you leverage your strengths and understand your bargaining power.
Location is the single most important factor in determining the value of your home! That’s why a mansion in the Midwest costs as much as a studio apartment in San Francisco. Is your home next to great schools, grocery stores, bars and restaurants? If your property’s location is not its strength, highlight other positive features of the property instead.
Prospective buyers will compare your property to similar properties that have sold or are available in the area. For example, in San Francisco homes priced below $2 million are currently selling in a frenzy of bidding. You are almost guaranteed to sell your home over asking price if falls within that hot market niche. By contrast, if you are selling a $14 million dollar mansion in Pacific Heights with two libraries and a six car garage (I didn’t make this up), it will be more difficult to find a buyer.
The San Francisco Bay Area operates differently than other markets. Early spring to mid-June along with the fall are very active. Summer can cool down - literally and figuratively (thanks, Karl). However, it can be advantageous to list your home during a quieter time when there is less inventory. Just avoid holding open houses during important holiday weekends.
There is something sad about seeing a home in poor condition. I like to refer to this as the "animal shelter effect". If you go to an animal shelter and you see an adorable, fluffy puppy in one pen and an old dirty and matted dog in another, which one would you pick? The puppy of course!
First impressions are crucial. When buyers see a home, they want to imagine themselves in it. Bringing your home to a selling condition can provide a huge return on investment. Let my exclusive design team help you! (ps- you want a puppy now, don’t you?)
Competitive asking prices almost always bring in more buyers and agents. They also yield very strong sales prices. There is also a psychology to attractive pricing that proves very effective. For example, asking $1,998,000 instead of $2,000,000.
My #1 goal as your realtor is to maximize the sales price of your home while reducing the stress and time it takes to close the sale. If you are getting ready to sell, let’s get together to discuss your needs.
Special thanks to Barbagelata Real Estate for providing the information for this article. Please note- Barbagelata Real Estate uses data that is researched from local real estate association, real estate firms, title companies, and real estate property websites. While there are no properties exactly like yours, other properties can provide a good reference in a comparative market analysis.
Author:Amy Yuen Phone: 415-516-1222 Dated: May 11th 2016 Views: 665 About Amy: Amy Yuen has been a realtor since 1993. She recently came to Barbagelata Real Estate from Prudential...
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