What is your home worth?



"What is my home worth Lysianne?"

This is a question that I get ask all the time.

A question not so simple to answer since evaluating a property requires to take into consideration several factors that will help us determine the best price for your home.

First and foremost, the first step is to look at comparable properties. 

Then, the next important step is to determine in which real estate market we currently are when evaluating the property. 

And finally, to complete my evaluation, I research and look at some of the main factors that affect and influence the current real estate market such as mortgage interest rates. 




The Famous "Comparables"

Recently Sold, Comparable Properties

A comparable property is one that is similar in size, condition, neighborhood and amenities. One 1,200-square-foot, recently remodeled, one-story home with an attached garage should be listed at roughly the same price as a similar 1,200-square-foot home in the same neighborhood. 

As your real estate agent, I have access to accurate, up-to-date information on comparable properties.  I also have exclusive access to all the properties that are sold "off-market" known as pocket listings. These are homes that are for sale but aren’t listed on the multiple listing services.

Having access to this information will help us determine an even more accurate price for your home. 

I also look at comparables that are currently in escrow, meaning that the property has a buyer but the sale is not yet complete.


Comparable Properties That Are Currently on the Market

In this case, we can actually visit other homes and get a true sense of how their size, condition and amenities compare to the property that we are evaluating. Then we can compare prices and see what seems fair and reasonable. 

It is important that sellers must price their properties similarly to market comparables if they want to be competitive.


Comparables That Were on the Market Recently, but Didn't Sell 

As a general rule, homes that were on the market that were not sold are a good indicator that they were overpriced or it is possible that these properties have significant problems. Also, if there are a lot of similar properties on the market, setting the "right" price becomes crucial. 



Real Estate Market Conditions and Appreciation Rates in the Area

Have prices been going up recently or going down? In a seller's market (see definition below), properties will probably be somewhat overpriced, and in a buyer's market (see definition below), properties tend to be underpriced. It all depends on where the market currently sits on the real estate boom-and-bust curve. 


"What is the Difference Between a Buyer's Market and a Seller's Market Lysianne? "

One important thing to remember about the property market is that it's always in a state of change. Sometimes the market is favorable to buyers and sometimes it's favorable to sellers. But don't worry, a knowledgeable agent like myself can guide you in the sale or purchase of your next home, no matter what type of market you're facing.

A seller's market is simply a property market that benefits you as a seller. In a seller's market, there's a scarcity of properties, which can drive up the price of homes, especially in desirable locations like LaJolla, Del Mar, Encinitas....
In a seller's market there is low inventory when compared to previous months and/or years, the homes are selling faster and median sales prices are growing.

A buyer's market is the opposite of the seller's market.  In a buyer's market, the supply of properties on the market exceeds the number of buyers, giving the buyers a chance to score a fantastic deal.
Typically, the inventory is high when compared to previous months and/or years, homes are selling more slowly, sales prices are shrinking and fewer sales are taking place.


"Should I sell or buy now Lysianne? "


I would say this: Don't be afraid to sell or buy if you think the market isn't in your favor. You'll need determination, knowledge, and most importantly, someone on your side who knows the market inside and out and who is honest and sincere. The real estate market can be highly varied and I will help you get the best possible results for your needs, no matter what the market looks like. 



Lysianne 


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