Sell, sell, sell part 2: where does your home fit in the market?
March 05, 2014In my last article, we discussed the finances of selling as well as the shape of your home. In this article, we'll be going over how your home fits in the market and the factors in pricing as well as marketing your home.
Your home in the market and pricing
By knowing the finances of selling you now have a clearer idea of what you're minimum price needs to be to cover any outstanding loans. The next step is to look at comparable homes in your neighborhood. Although you will be the one who will ultimately set the price on your home, the housing market is really the deciding factor. With that in mind, by comparing homes in your neighborhood make sure you include a variety of factors. Here are a few to keep in mind.
Size- Compare the square footage and lot size of your home with others in your area.
Bedrooms and Baths- Choose homes that have the same amount of bedrooms and baths as your home. Make sure to keep in mind whether those bedrooms and baths have been upgraded or remodeled.
Kitchen- Kitchens are one of the most important focal points in a home. When comparing kitchens, keep in mind the size and shape. See whether the kitchen has been upgraded or remodeled and the quality of those upgrades.
Location- You've heard it before: location, location, location. Whether your home is in the country or on the coast makes a big difference. Other important factors to note are how close your home is to modes of transportation, highways, shopping centers, as well as the accessibility of your home.
Sales Status- Knowing when the home was recently on or off market is key. Look at homes that have sold recently, are under contract, or are currently for sale.
The price of your home will depend on how it compares to all of these deciding factors. It is very important not to price your home too high. A home that is overpriced will see little buyer interest and will stay on the market longer than is necessary.
Marketing your home
There are a certain number of ways to get your home sold. As I mentioned in my last article, keeping your home showroom ready is very important. A buyer always has a first impression about a home and you want any buyer who walks into the house to feel that it is welcoming and comfortable, a home that they'd love to move into. Seeking the advice and help of a professional home stager is one way to get your home ready. Reach out to friends and family about the sale of your home as well as people you usually speak to in your community or people you work with. Oftentimes, it is someone you know that will find a buyer for your home. At this point, get the professional help and advice of a local real estate professional who has been actively working in and studying your market. All the best in the sale of your home!
Jeana Boulos is a local real estate professional living in Valley Center. Feel free to contact her for any of your real estate needs at 760-517-6316 or firstname.lastname@example.org. Visit her website at boulosrealty.com.
CA BRE #01923953