What Determines Market Value?

When selling your home, what price should you list it for?

upside-downAs your local San Diego county real estate agent, I help home sellers figure out what to price their homes for on an everyday basis. And while every home and every area and every real estate market has something unique about it that, that will influence my recommendation of what to price your home at when selling, there are a few basic things that determines a property’s value:

  • Location – in the country, in the county, and the neighborhood
  • Design of the home
  • Amenities available in the community and in the actual home
  • Condition of your home
  • Availability and pricing of comparable (and competing) properties
  • What recent and comparable homes have sold for
  • Prices and the reasons why comparable properties have not sold
  • Economic conditions that affect real estate transactions

Things that typically don’t influence your home’s market value are:

Why should you price your home competitively? Just a few reasons:

  • When priced within market range, properties for sale generate more showings, attention and offers — and typically sell within a shorter amount of time.
  • If your home’s priced too high, you’ll often have fewer potential buyers looking at it since it might be out of their price range and search — and thus will have a difficult time selling.

These are just a few things to consider; nothing takes the place of when I take a look at a specific property — there may always be other things to consider when pricing a home that I haven’t listed here in this article.

Of course, these tips do not negate the fact that it’s always best to ask me or your local real estate agent for customized advice on the subject — you need advice tailored to your situation, location and home!

Please give me a call at (619) 890-3648 or email me if you’re thinking of selling your home!

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