Tips for Pricing Your Home for Sale

Where do you start when pricing your home to sell?

Do I use what my Ventura County Tax Assessor says my Newbury Park home’s taxable value is?

Should I hire an appraiser to price my Westlake Village house?

Or can I just use Zillow’s online home value estimate tool to figure out what my Thousand Oaks house is worth?

It’s probably common for those thinking about selling their house to google a place where they can punch in their home’s address and see what it’s worth.  Trust me, I get it.  Quick and easy, which is why even I provide such a tool for Sellers on my website.   But as quick and easy as those tools might be, it’s important to remember that such resources should only serve as a starting point.  

Things to consider when determining the best price for a selling a home

Here are a few elements that influence a home’s selling price:

Sentimental Value does not equal Market Value

This might be a harsh truth to start with, but it’s important to be realistic from the get go.  A buyer does not care about the fond memories you created in your home.  They care about price.  Emotional detachment is not easy, but it is essential when determining price.

Inventory

Basic economic principles like supply and demand come into play when pricing a home to sell.  If you’re in a great neighborhood and no one else is selling, then demand for your home could be high, increasing the chances of getting your asking price or even more!  Knowing  the inventory of homes for sale within your local Thousand Oaks housing market is critical.

Local Market Trends

Do you know the price that the last home in your Newbury Park neighborhood sold for?  Did that seller only get a few offers, or was there a bidding war for that house?  Truthfully, as important as it is to know the number of homes being sold in your area, that fact on its own is not enough.  You have to be aware of what recent buyers paid for homes similar to yours, because you can bet that today’s buyers will arm themselves with this kind of information.

Comparable Market Assessment

This is probably the most valuable asset you can equip yourself with when trying to set a price for selling your home in Westlake Village, or anywhere else for that matter.  A Comparable Market Assessment is a report that a real estate agent can generate for you that identifies what comparable homes sold for, how many days (or weeks) they were on the market, a list of factors that make your home unique, and current market conditions, among other things.  

An agent might also provide their price-point recommendation.  But know this, if an agent’s suggested selling price is unrealistically optimistic, it probably is.  Unfortunately some agents do this in an attempt to secure your listing, thinking you’ll work with someone that ‘promises’ them a super high selling price.  But more often than not they end up working to convince you that you need to lower your price - this is why it’s key to partner with a true professional!

So how do I figure out what my home is worth?

Simply stated, any home is only worth what someone is willing to pay.  This is why you want to partner with a professional, experienced real estate agent when selling your home in Westlake Village, Thousand Oaks, or Newbury Park.  A expert agent can help you present your house in a way that is most desirable to current buyers, which will help you get the best possible price.

I’m here to serve you

Are you thinking about selling your home?  Send me an e-mail or give me a call - I’d love to see how I can help you.
Margie Noble
Broker/Realtor
Noble Real Estate
BRE License 01859419
www.venturacountyre.com
Phone: 805.844.6257
E-mail: mnoble4re@verizon.net