If you are a home owner in the San Diego community looking to put your home up for sale, knowing how to set your list price is a challenge. If you go too low when listing your home, you will end up leaving money on the table, but if you go too high, the house might not attract buyers and it will stay in the real estate market for too long.
Whereas ordinary home owners always struggle with setting prices, experienced real estate agents seem to make light work of the task. They are able to easily evaluate the value of houses and other property in San Diego and determine an appropriate listing price to attract the biggest audience. The question most people ask themselves is how are San Diego real estate agents able to appropriately determine the listing price of property? What are some of the metrics they use to correctly determine the listing price of a house?
How San Diego Realtors Determine the Listing Price of Residential Real Estate
San Diego real estate agents use a number of factors to come up with the most appropriate listing price. In the end, the aim is to ensure that your San Diego home is sold off at a decent value with respect to its initial purchase price and give it a price that will attract potential buyers. Here are some of the top factors that San Diego real estate agents use to determine the listing price of property:
Current Real Estate Market Price
The first thing that comes into play when a San Diego agent is evaluating your property for sale, is the current market price of similar real estate in the San Diego area. The prices of a property fluctuates with seasons and demand. Seasoned San Diego realtors are able to keep themselves updated with the current market trends and will be able to approximate the price based on current residential real estate trends.
Comparative Real Estate Market Analysis
The other determining factor of listing price is comparative market analysis. Here, the real estate agents compare properties similar to the home for sale being listed. By comparing similar San Diego houses they have handled in the recent past, they are able to come up with an indisputable price range. By looking at the earlier prices that made the listed property languish in the market, they are able to set an upper limit to the listing price. The prices of other houses that sold in the San Diego area, give real estate professionals an idea of what buyers are willing to pay and this is the price range that they use when listing most houses.
Conditon of the Property
This is the other important factor used to determine the listing price. The size and condition of the home for sale will directly affect the listing price. Irrespective of the current real estate market price, the condition of the house will dictate the value of the house. Homes that need repairs and upgrading will often get a lower listing price while those that are in great shape will be listed at relatively higher prices. This is why most real estate professionals advise home owners to upgrade and make any necessary repairs to their houses before they can list them for sale. The better a house looks, the faster it is likely to sell and the money one is likely to get from the property.
There are a number of external factors which real estate agents use to determine the listing price of San Diego houses. These are factors that home owners often don’t have control over but they directly affect the value of their property. These include the current economy of the country, unemployment rates and downward trends in overall home sales. When evaluating your house a realtor will factor these in and come up with an appropriate listing price for your San Diego home.
All in all, the process of evaluating a property and determining its appropriate listing price can be quite daunting. It is imperative therefore to ensure that you hire a San Diego real estate agent if you want to give your home a realistic listing price. Opting to do the work on your own can be detrimental because you might end up overpricing or under-pricing your house. Trust a realtor in San Diego to look at all the relevant factors and come up with an appropriate listing price which will ensure that you not only sell your property in a smooth transaction, but to also get the full value of your home. Whether you are looking to buy or sell a home in San Diego, always hire a San Diego real estate agent to help you get through the entire process.
If you're thinking of selling your San Diego home, we can help you! We're local San Diego real estate agents with expertise in the San Diego community. We've sold homes and condos from many different areas of San Diego county, from Pacific Beach to Downtown. Feel free to reach out to us if you have any questions!