How Micro-Markets Effect Home Prices: Part 7 of 8 - How To Effectively Price Your Home For Sale

Micro Markets 

~Make sure you're comparing Apples to Apples~

Micro Markets - Make sure that you're pricing your property according to trends and comps within your unique "Micro-Market."  You may live very close to another property or development with a particular activity level, yet that area may have very, very different features that attract...or detract willing and highly qualified buyers.  Using a local area expert is the safest way to ensure that you are listing your special and unique property at the absolute best price.

So...your neighbor across the street just sold their house for $X, and their house is virtually identical to yours!  Virtually, except for the fact that it's on the other side of the street...with an unobstructed view of the Golden Gate Bridge.  One 'smallish' feature that your property may or may not have.  How much is that view worth anyway?  Doesn't that depend?  That's a pretty subjective question, isn't it?  Sure! On a property by property basis, it is impossible to be exact.  However, looking at dozens of closings, over a long period of time, an experienced agent can determine, with great accuracy, the market value (or percentage over like models without the view) of that view; that pool; that lot; etc. 

Here are a few features that often heavily influence the final sales price of a home:

• Is your community gated?
• Are your comps all custom custom homes that are varied in age and architecture?
• Is there an HOA?
• Are the Melo Roos, Special Assessments, or other high-tax burdens?
• Are there plans for new residential or commercial properties in the immediate area?
• Are you on the gold course, or simply in the golf community?
• ...and on and on.  

Using a local area expert can pay big dividends with regard to listing your home for sale within a Micro-Market. It can also save you big money when you're looking to purchase a home.  If you're not working with a Realtor already, interview at least three local area experts in order to get a strong opinion of pricing.   If you interview only two, you don't really have a choice, but really just an "either-or."  Three or more opinions starts to create a more statistically relevant picture to base your decision on. Ask several Realtors to name subtle variances in properties that yield notable differences in sales prices.  When you do, you'll get dozens of examples illustrating exactly why they are a highly qualified local area experts!

Wishing you well in your real estate endeavors.  Thank you in advance for remembering me when the topic of real estate arises, and THANK YOU SO MUCH all the referrals.

Andy Blasquez ~ The last Realtor you'll ever need to look for.
DRE# 01826135

www.andyblasquez.com

Email me at andy.blasquez@gmail.com
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