Most home sellers see pricing their home as one of the challenges in selling. You don’t want potential buyers to get turned off by high prices, but you don’t want to sell yourself short either. You want to achieve that sweet spot that’s good for both you and the buyer.
So, if you are preparing to place your abode alongside other San Francisco homes for sale, here are some tips on how to price your property:
Research your home’s estimated value
Real estate websites and online listings with built-in market value calculators like Zillow can help give you a rough market estimate for your home. The price derived by their calculators is based on inputs by other users. You just need to input your address on the website and their algorithms will do the rest.
Get a comparative market analysis
A comparative market analysis or “comps” gives a relatively good estimate of your home’s value based on sale prices of recently sold homes in your area that are similar to yours. You can do this on your own by checking out sale prices from your local multiple listings service. However, your real estate agent can do more exhaustive research and analysis of the comps and share with you their findings.
Hire a professional appraiser
An appraiser usually comes in after the first round of negotiations between the buyer and the seller. However, getting their services prior to your sale can be a big help in truly determining your home’s true value. They will look at everything from structural integrity to your home’s placing within the neighborhood. Given their professional touch, you may find yourself closing your sale a lot faster than you’ve anticipated.
Check out pending sales
If you’re not directly involved in the transaction itself, you will know the actual price a house is sold for only when the said transaction comes to a close. Thus, approach your listing agent to inquire about this qualified information on recently sold properties in your area. Should the list of prices not be made available to you, then ask instead how long these listings have already been on the market. This can be your baseline on the length of time until you receive an offer. Review the history of these listings and see if you need to tweak your pricing.
Know the best time to sell
You need to understand the climate in the local real estate market to know the best time to sell. If you’re not rushing to sell your home, you can wait for a seller’s market when you can negotiate for a higher price to potential buyers. A real estate agent can help you to understand how market trends in your area can affect pricing.
Be open to negotiation
The price you put on your home should have enough room for negotiation. Buyers will immediately look at the next listing if you’re too stiff with the pricing. The back and forth may extend for quite a while before finally settling on a price that’s amenable to all so be ready for that possibility.
As you get ready to enter the San Francisco real estate market with your home for sale, come to the trusted Bay Area Realtor to help you achieve success in your endeavor. Contact me, Amir Hardy, at 415.602.0570 or send an email to amir(dotted)hardy(at)compass(dotted)com.