It is hard to know what your home is worth in a hot seller’s market. You know there is a lack of homes on the market, does that mean you can ask any price you want?
There are a lot of factors to consider when thinking about what your home is worth. What goes into pricing your home?
What’s Your Home Worth: Historical Data
We examine the recent sales in your neighborhood. Real estate agents and bank appraisers will only consider sales that happened in the last 6 months. Forget about the home down the street that sold two years ago. Appraisers pay attention to location, house size/room count, lot size and attributes then condition in roughly that order.
What’s Your Home Worth: The Current Competition
If you are going to launch on the market this week we need to know who else is on the market. Will a buyer think your home is a “catch”? There is always a hot tamale home on the market that attracts all the attention and offers. The wise home seller makes sure they are the hot tamale on the market!!
We Adjust Accordingly
Comparing Glendale Ca homes is like comparing a honeydew to a watermelon, no two homes are alike. An experienced Glendale CA agent knows a home above Kenneth Rd. is more than a home below Glenoaks Blvd., a home with a city view sells for more than a home on the flats and a yummy romantic Spanish will sell for more than a boring stucco box. An experienced Realtor knows what buyers will pay for certain features and can adjust accordingly.
Bonus Read: Home Pricing Strategy
What’s Your Home Worth vs Best In Show Comparable
The best comparable sale is the most similar home yours in terms of size, location, amenities and time. We call that one the “best in show” comparable.
Avoid the common mistake of “the house down the street”. It is only useful if it is similar in size and condition AND it sold recently.
The MLS is Deceiving!
You might have the wrong idea of what your home is worth if the MLS is your only source of information. Pictures in the MLS do not tell the real story of the home and neither do the agent’s marketing remarks. If you are working with an agent active and experienced in your neighborhood they will know what your comparables really look like and how your home compares.
Does The Economy Affect What Your Home Is Worth?
The market is driven by consumer confidence. Consumer confidence is driven by a whole host of interrelated economic factors – jobs, interest rates, local economic conditions, fears of government changes, the global economy and even the weather can affect your home sale dynamics.
Your Ideal Buyer Pool Thinks Your Home Is Worth More
Your ideal buyer doesn’t ask about negotiability. Your ideal buyer will pay as much as they can afford!
Who is your ideal buyer? Is it a small pool defined by a narrow set of priorities or does your home have universal appeal? An experienced Glendale Ca Realtor knows how to identify your home’s ideal buyer persona. Your price is affected by the width and depth of your ideal buyer pool.
Your Home Is Worth More If Your Neighborhood Is Hot
Trendy neighborhoods come and go. Is your neighborhood on the rise or on the decline? Factors like jobs, schools, crime, and development can have a gradual effect on desirability. Don’t make the mistake of assuming your neighborhood is exactly as desirable as when you moved in.
Your Home’s Value Is A Moving Target
“What’s My Home Worth” is not an absolute. It is relative to what is happening in a fluid market. At any given moment economic conditions, politics or other homes on the market can affect your home’s market value.
At the end of the day, your home is worth what a willing buyer will pay. But a lot can influence that buyer, and an experienced Glendale Ca Realtor can make sure you get top dollar.