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What’s My Sacramento Home Worth?
Many of our clients are first time home sellers and are in uncharted waters when it comes to selling their home. Sadly enough most sellers only interview 1 agent before listing their home. I can’t stress enough the importance of interviewing more than one agent, even if they are from the same brokerage, before listing your home. The friends or family member referral is not always the best choice. So, how do you determine what price to list your home?
Frist and foremost select an agent to represent you in the sale. The right agent will be someone you feel comfortable, comes prepared with a full marketing plan and data to support their price recommendation. Interview more than one agent. The cheapest isn’t always the best and saving a few dollars on commissions could cost you thousands in the sales price. Experience counts.
No two agents price a property the same way. In reality it is the seller who sets the list price and the market that determines the sold price. In selling your home, it is worth exactly what someone is willing to pay for it, what you are willing to accept and if a loan is involved, what the appraiser deems its value to be and the bank will loan. It doesn’t matter what you want, what you need, what your Realtor says it worth, what the neighbor thinks it worth or what Zillow says. It’s worth what a buyer is will to pay and you are willing to accept. That’s it.
Other thing to consider when pricing your home is the market condition. It is a sellers’ market? A buyers’ market? Or a neutral market? It makes a difference. Remember that no amount of marketing will sell an overpriced home in any market.
Pricing your home “at” market or slightly under market value will ensure you the best net at the closing table. An overpriced home will linger on for weeks and ultimately net you less money while a right priced home will sell more quickly. Keep in mind, in a sellers or neutral market; unless you accept the very first offer on the very first day, you cannot under-sell your home. It’s all about supply and demand. Given the right amount of time on the market, a right priced or slightly under priced home will generate multiple offers and usually get you a higher sold price. A good rule of thumb is it takes 10 showings to generate an offer. Priced right you should have one or more offers after 10 showings. If you have had 10 plus showings and no offers it’s a good indication your home is overpriced.
In any market, we suggest giving your home at least 7-10 days on the market before reviewing offers. This gives plenty of time for your agents marketing plan to take effect, for all the public internet sites to populate and to allow enough time for perspective buyers to tour your home.
So what is the right price? Generally you should be looking at similar homes within your same neighborhood that are no more than 10% above or 10% below your same square footage. In selling a 2,000 sf home you should be looking for homes that have recently sold in the 1,800 sf – 2,200 sf range. Not all homes are the same. An allowance needs to be made for upgrades, condition, number of bedrooms / bathrooms, lot size and location. A home on a busy street with minimal upgrades will sell for considerably less than a model match located on an interior street and highly upgraded. Pricing a home can be as much an art as it is science. Again, this is where using an experienced agent really counts.
It is important to look at pending sales and active listings as well. Pending sales will give you a good indication of where the market is headed – up, down or neutral. Active listings are less of an indicator but do tell you what the competition looks like. Remember it’s the seller that sets the list price so while it might be exciting to see a home similar to yours listed well above others in the area, it doesn’t mean the home will sell for that amount.
Use the same adjustments for the active and pending sales that you would for the sold properties. Take into account days on market and market conditions as well.
Data is king but experience counts. Rely on your intuition and let your Realtor guide you through the process. Remember, it’s your house and your money. The right agent will understand this work with you to get you the most for your home in the shortest amount of time with the fewest hassles. Never forget they work for you not the other way around.
Call us to discuss your potential Home Value in Sacramento, CA 916-660-5823. Click here to use our FREE Online Home Value Estimator or Call for a FREE consultation
Thinking of Selling a Home in Sacramento? Quickly Find Out What your Sacramento home is Really Worth here.
Mike and Jennifer Rigley of the Rigley Realty Group come with over 15 + years’ experience helping buyers, sellers and investors realize their Real Estate dreams. Including:
- 35+ Year Sacramento Residents
- Over 1,500 homes sold since 2003 – 10x the average agent
- Team Approach for Maximum Client Satisfaction
- Ranked in the Top 25 of all agents & companies county wide in both the number of listings & sales since 2004
- Top 500 Teams All Companies in California for Production
- Sacramento Magazine 5 STAR Agent
In short, the Rigley Realty Group will sell your home for the most amount of money, in the shortest amount of time, with the least amount of hassles – you have our word on it.