The Importance of Setting the Right Price For Your Home

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The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.

Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following:

  • houses in your price range and area that were sold within the last half-year
  • asking and selling prices of housesRelated image
  • current inventory of houses on the market
  • features of each house on the market

From the CMA, you will learn the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours.

Also, try to find out what types of houses are selling and see if it applies to your area. Buyers follow trends, and these trends can help you set your price.

Always be realistic. Understand and set your price to reflect the current market situation.

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San Diego Home Prices Rise More Than The Nationwide Average

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In March, San Diego’s home prices raised an impressive 7.7% from the past year. This ranked San Diego in the top 10 cities of highest yearly price increases. Home prices increased all over California. San Francisco, Los Angles and San Diego were all above the national average and they show no sign of slowing down. In April, San Diego’s home prices continued to grow, sitting 8.6% higher than the year before. That pushed San Diego’s median home price to $570,000 which broke the record that was previously set in March. This increase was led by the escalating cost of condos. Condo prices increased by 11.7% and have a median price of $430,000.

S&P CoreLogic Case-Shiller Indices for March 2018

Yearly increases by city

1 Seattle — 13 percent

2 Las Vegas — 12.4 percent

3 San Francisco — 11.3 percent

4 Denver — 8.6 percent

5 Los Angeles — 8.1 percent

6 Detroit — 7.9 percent

7 San Diego — 7.7 percent

8 Tampa — 7.5 percent

9 Phoenix — 6.8 percent

10 Portland — 6.7 percent

11 Atlanta — 6.2 percent

12 Charlotte — 6.2 percent

13 Minneapolis — 6.1 percent

14 Boston — 5.8 percent

15 Dallas — 5.8 percent

16 New York — 5.2 percent

17 Miami — 5 percent

18 Cleveland — 4.6 percent

19 Washington, D.C. — 3 percent

20 Chicago — 2.8 percent

Nationwide — 6.5 percent