Welcome to San Diego Blog | March 1, 2012
Getting Ready for Sale – Determining the Right Price in Downtown San Diego
Thinking about selling your downtown condo? How do you position your home to sell faster, and for a higher price? Assigning a value to your condo is an integral part of the process. Real estate home sales statistics tell us that a home will likely command a higher sales price if it sells in the early stages of active market time. Studying local market activity, active listings and recent sales, can be extremely effective in determining a competitive asking price.
Working with Sellers
When working with sellers, we begin determining value by gathering sales data based on an educated guess of value range for the property. We review current active listings, including recent sales in the building, for properties that closely match your home in terms of square footage, floor height, and upgrades.
To get the sharpest sales results, we study your building first, then sales activity in other buildings in and around downtown, San Diego. We choose four of the most similar properties that are available for sale on the market, and four recent sales that have closed within three months. We then use these eight comparisons to extract statistical sales information and arrive at value. This value can be presented in the form of either a specific “asking price”, or a general price range.
Deciding on a List Price
There are additional questions for sellers to consider when pondering a sale and determining an asking price. 1. How long do properties in your area typically stay on the market before receiving an offer and opening escrow? 2 How many sales have occurred in the previous thirty days in your price range? 3. How many sales are likely to occur in the next thirty days in your price range? 4. What percentage of the list price can you expect to get from a buyer?
Also, it is important for sellers to give some thought to their goals and motives for selling. In order to create the best overall experience, ask these questions: 1. How quickly do you want to sell? 2. Where are you going, and when do you want to be there? 3. How long are you willing to wait for your home to sell? 4. How much is your property costing you every month?
Presenting your home in the best possible light is essential. It’s a good idea to remove extra furniture to create open space, pack away extras and lightly stage your home so potential buyers can imagine moving-in during an initial visit.
If you’re considering selling your home, we would love to hear from you. We’ll develop a specific market report for your home, and work with you to competitively position your home for a timely sale (619) 246-8400.