Both home buyers and home sellers are eager to know what a particular home is worth.
How Much Over List Price Should I Pay?
One of the most common questions is how much over list price will it sell for? To give you something to consider, look at the graph below.
The top half shows the percentage of homes selling over list price. The bottom half shows on average how much over list price Palo Alto houses are selling for. This information and much more is available for most Silicon Valley and San Francisco Bay Area cities at my Silicon Valley home values pages.
What’s the True Value of Your Home?
Automated valuation tools, such as Trulia or Zillow’s Zestimate are quite inaccurate. These tools look at property records to determine sales prices. If your neighbor transfers or sells his home to his children or his own Limited Liability Corporation, the typically low “sales price” will drive the estimate for your home low. You can actually make a better estimate using the latest price per square foot values I report on my silicon valley home values pages. Visit a city, a zip code, or even a neighborhood home value page, but keep in mind that real estate statistics lag behind what is happening right now.
To get the true value, what you can actually sell your home for, you need to know the pulse of your market. You need to be able to answer: What are homes in your area actually selling for right now? What features do local home buyers demand? How does the age of your home impact value in our real estate market? These are just a few of the many local insights you need to price your home.
The most accurate valuation comes from someone who knows your market, from someone who is talking to buyers and sellers everyday. I am talking to home buyers and home sellers everyday. I am negotiating purchase offers several times each week.
Want to know the true value of your home? Give me, Juliana Lee, a call at my cell phone 650-857-1000 or drop me a note.