Do you ever wonder how the selling price of a home is determined? Or how a prospective buyer decided what to offer you for your home? Appropriately pricing a home for sale is absolutely critical. Listing your home at a price that is too high for the neighborhood can throw a wrench into any ideas of a quick sale, causing your home to languish on the market for weeks or months while other neighborhood homes are sold ahead of yours. Conversely, underpricing your home may result in a quicker sale but potentially for thousands of dollars less than you could realize if the home were priced correctly to begin with (Of course, there may be reasons for when a quick sale is needed or required). Handling Vacaville homes for sale and homes for sale in Fairfield can get tricky. See how we can help.
There are several factors that affect the value of a home, including the location, the condition of the home, the current condition of the local housing market, interest rates, and more. With so many variables, how do you determine what your home should sell for? For the most part, the answer lies in the past, or more accurately, the recent past. We follow strategic methods in pricing Vacaville homes for sale and homes for sale in Fairfield.
“Value” in real estate is often defined as what a buyer is willing, ready and able to spend on the purchase of a home. Looking into the recent past (up to 6 months back) to see what comparable Vacaville homes for sale and homes for sale in Fairfield sold for in your neighborhood provides the best indication of what your home should sell for currently, all else being equal. Your Realtor has access to recent sales information to help you determine the best price to list for based on these recent sales, as well as important information on market trends and other factors affecting home sales. Market trends are important to recognize as real estate is a cyclical business. For instance, when putting up Vacaville homes for sale and homes for sale in Fairfield, check out your neighbor. Your neighbor sold his home for a certain amount two months ago and it’s a model match of your home. The natural tendency is to list your home for $5,000 more than the neighbor’s home sold for, because real estate always increases in value, right?
This is where your Realtor shines. Your Realtor will research comparable sales in the area while also considering current market trends (“buyer’s market” or “seller’s market”), interest rates, any features your home has or doesn’t have when compared to comparable properties (e.g., a pool), and lots of other information that helps you determine an appropriate listing price. A properly-priced listing will draw the interest of home buyers looking for similar properties, spend less time on the market on average, and encourage more buyer showings. Buyers searching for Vacaville homes for sale and homes for sale in Fairfield will look to their agents. Buyer agents also have access to this same information, so they are able to advise their clients on whether they feel the listing price is a good deal or is priced too high, potentially affecting the amount offered by the buyers.
When you’re ready to sell your home, contact one of our experienced Realtors. We’ll do the research, then review the information with you to help you determine the best price to list at based on your circumstances. Call today and get help listing Vacaville homes for sale and homes for sale in Fairfield.