By Holly Henbest
Are you thinking about selling your home? When we meet with sellers, they typically want to know about the structure of our team, how we market our listings, our experience and knowledge of the market, but most importantly they want to know: What is my home worth?
Often times, sellers are surprised to learn about the value of home features and how they impact the price. For instance, did you know that single story homes sell for a higher price per square foot than two story homes and basement square footage typically sells for less than second story square footage? Did you know that the smaller the house, the higher the price per square foot? If you’re comparing your two story 3,500 square foot home to your neighbor’s single story 1,800 square foot home, the price per square foot will be significantly different.
Location is also a key factor in pricing. Does your home have golf course, mountain or desert open space views? Is it on a cul-de-sac, walking distance to a park, school or community center? Does it back to a busy road, sports field, shopping center or office building? All of these location specifics play a role in how we price your home.
Once you compare the location value, it’s time to look at the condition of your home. Is it upgraded? Does it have deferred maintenance needs? Keep in mind that websites that calculate value haven’t seen your home or the one that just sold down the street. Not only does the computer not understand why your location was better or worse, but they haven’t seen your new appliances and flooring or your broken pool equipment or leaky roof.
Determining the valuation of your home is a little bit like making a cake. You mix together the values of location, upgrades, floor plan, condition, style and the frosting on top – will buyers become emotionally connected to the home? It is often said that home valuation is an art, not a science. It’s a combination of facts and market knowledge. It’s not simply a calculation.
When it’s time to list your home for sale, determining the list price and targeted sale price is critical. It’s important to partner with a realtor you can trust to give you the best advice. We’ve lost listing opportunities recently because we always tell sellers what they need to hear and sometimes that doesn’t match what they want to hear. We were interviewed recently for a listing and told the owners what we felt they should list and sell their home for. They opted to select another realtor who told them they could sell their home for $100,000 more. They listed for $100,000 more than we suggested and, after a couple of price reductions and time on the market, the home sold for the exact price we had advised it would likely sell for. The old adage is true – if it sounds too good to be true, it probably isn’t good information. So, be sure to select a realtor who will tell you what you need to hear.
Would you like to know what your home is worth? Give us a call at 480-266-8785 or visit us at Henbest.com.
Holly has been a Desert Ridge resident since 2000 and has been a realtor since 2006. She is the leader of The Henbest Team with Realty One Group. Holly is ranked in the top ½ of 1 percent of Realtors in Arizona and is a Certified Luxury Marketing Expert. She was also ranked #24 in 2019 by the Phoenix Business Journal and recognized by So Scottsdale! Magazine as a Real Estate Superstar for 2019.