Do You Know What Your Home Is Really Worth?
In last week’s blog, I looked at the fabulous current opportunities for sellers due to low inventory of available homes for sale in the area (click here if you missed it).
I mentioned that although there isn’t a silver bullet reason why sellers aren’t rushing to meet rapidly growing buyer demand, one of the influencing factors is that many people postponed thoughts of selling during the recession and simply never reconsidered.
If that sounds like you, chances are that you may not be up to speed with what your home is worth in today’s very lively market, where buyer sentiment is arguably at an all-time high, especially with the recent steady falls in mortgage rates.
As the base for many of the world’s leading tech companies, this area has been enjoying some unique pricing dynamics that simply won’t be found elsewhere in the nation. Last year, for example, it was reckoned that homes occupied by Apple workers were appreciating at 18% per year.
And if you haven’t revisited your home price since the dark days of recession, you are almost certainly in for a very pleasant surprise indeed.
2016 is widely expected to be the best year in real estate for a decade and we are consistently seeing multiple offers for homes at above listed prices, as buyers compete for the homes that are available, very aware of the shortage of supply and anxious to lock in a low home loan interest rate while they still can.
Of course, in today’s online world, it’s quite simple to visit one of the generic home pricing websites, type in your address and, hey presto, up comes a price.
The problem is, however, that these sites are notoriously inaccurate with their estimates. Each one uses its own calculation techniques, meaning that there’s little consistency. Much of this information is gathered from the county assessor's office, which means it is historic and may not, for example, take account of any additions to your home not yet recorded by an assessor. In California, it is estimated that error rates average as high as +/- 26% off the actual home value.
While we do offer an online valuation tool of our own – please click here to access it – it can only ever hope to give you a general idea of price. What we would prefer is for you to allow us to visit you and look at every aspect of your home and relate this to our unrivalled experience in this area and day to day knowledge of what’s selling and for how much.
Perhaps of equal importance is that we can offer you tips for maximizing the potential of your sale, including advice on staging and other, often simple, tweaks and improvements to the property, so that it can fully justify the highest possible asking price.
The key point to stress is that what might at one time have looked like an uphill struggle to achieve a result to enable you to move on to the next stage in your life, be it moving upscale, or downsizing, is now a very different and exciting prospect. Call us today for the very best and most informed advice.