Market Trends | How Recently Sold Stats Could Save Your Home Selling Sanity!

Pricing your home properly is one of the most important aspects of selling your property. How you price your home will be DIRECTLY related to how quickly it sells...or how long it sits on the market. Some homes in La Jolla sell in a matter of days...others...sit on the market for months.

Studying the market on a daily basis is important to me because I pick up on trends and stats that become obvious strategies for pricing homes. The reality of a homes value is determined by many factors one of which is recently sold homes within the same parameters and location of your home.

Recent sold homes in your neighborhood is a good inclination of value because it shows us what buyers are willing to pay in price per square foot. A good comparative market analysis also takes into consideration the pending and active listings.

3 Factors That Influence Your Homes Value

The truth of the matter is the "physical structure" actually DEPRECIATES over time. It is the land underneath the home that is actually appreciating in value. We all learned in Real Estate 101 when trying to find the property that will lead to the greatest investment performance:

1. Location! Location! Location!

La Jolla is a special housing market...in some instances we are seeing that home buyers are having a hard time looking past the physical attributes of the home (older and outdated). Moreover, to focus on how its location in the market will affect overall return. For some home buyers this is difficult to do in this market, especially if they expect to live in their home for an extended period of time. Click here to Contact us for a list of New Construction homes in La Jolla.

2. Supply and Demand

Currently San Diego is said to have a tight supply of homes which could lead to fast moving inventory. Buyers are looking and when they see what they like they are making offers that result in open escrows and pending sales. On the other hand, a surplus of unsold inventory gives the buyers too many choices which results in a lack of urgency. How many homes are for sale in your neighborhood? Is inventory tight? Is there a particular home that has been on the market forever...is it overpriced? These are important things to consider when pricing your home to sell.

3. Age and Condition

Buyers are taking into consideration the condition of the property and costs for repairs before they are making an offer to purchase. More than likely deducting these costs from the list price...or what they feel your home is worth. A home with a lot of deferred maintenance could put buyers off altogether.

If your home has lots of deferred maintenance then pricing it right becomes extremely important...or it could sit on the market for much longer than anticipated. In a hot market buyers may be willing to overlook defects and willing to make compromises. The appearance, functionality and maintenance of your home certainly impacts its value.

For example, these two homes on Beaumont Ave:
Only one home separates the two addresses.
Year Built in 2015: Asking Price: $2,400,000
Year Build in 1961: Sold Price: $1,086,500





As your local La Jolla Realtor, I like to take the sales comparison approach when looking into a home's market value. We begin that process by researching recent sales of similar properties in the local area. The sale prices of these properties provides a good place to start when estimating your home's value. Of course there are so many other factors and that's why it is important to hire a professional when you are ready to sell your home.

Would you like to know what the current value of your home is?
Click here and request your complimentary customized Comparative Market Analysis!

As your full service REALTOR® specializing in the beautiful city of San Diego, California, it is my personal goal to provide you with exceptional service. Here is where you will find articles on my personal experiences and Real Estate resources. My local expertise backed by one of the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the Real Estate market a definitive mark of stability, strength, quality and innovation.
I “LOVE” my career! Hire me to help you navigate through the home buying or home selling process.
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