While price per square foot can be a starting point for determining your home's listing price, it's important to understand that it's not a definitive measure and should be used in conjunction with other factors for a more accurate and competitive listing. Here's a comprehensive approach to pricing your home per square foot:
1. Gather Information:
Comparable properties: Research recently sold homes in your neighborhood that are similar in size, age, features, and condition. This data is often available through our realtors, online resources, or public records.
Recent market trends: Analyze recent trends in the Fresno housing market(contact Landmark for info). Is it a seller's market or a buyer's market? Are home prices rising or falling?
Your home's unique features: Identify any unique features or upgrades that could add value to your home, such as a swimming pool, finished basement, or high-end appliances.
2. Calculate the Average Price per Square Foot of Comparable Properties:
Divide the selling price of each comparable property by its total square footage.
Average the results to get a general sense of the price per square foot in your neighborhood.
3. Adjust for Differences:
Not all comparable properties are created equal. Consider the following factors and adjust the average price per square foot accordingly:
Size: Larger homes may command a slightly lower price per square foot compared to smaller ones due to economies of scale.
Age and condition: Newer or well-maintained homes may warrant a higher price per square foot than older or outdated ones.
Location: Homes in desirable neighborhoods may command a premium, identify trends in your local market by chatting with someone here at Landmark Properties.
Features and upgrades: Unique features and upgrades can increase the perceived value of your home and justify a higher price per square foot. We have a list of partners a mile long that can do everything from pools, to custom doggy doors--That info is one call away.
4. Consider Market Conditions:
In a seller's market, you may be able to list your home slightly above the average price per square foot determined in step 3.
In a buyer's market, be more realistic and consider listing closer to or even slightly below the average to attract buyers.
5. Utilize Professional Guidance:
Consulting with our real estate agents can be invaluable. They have experience navigating market fluctuations, understanding central valley trends, and accurately valuing your home based on its unique characteristics. We can also help you determine a competitive listing price that attracts buyers and facilitates a smooth sale.
Friendly Remember:
Pricing your home accurately is crucial. Overpricing can deter potential buyers and lead to longer listing times, while underpricing can leave money on the table.
The price per square foot is just one data point – combine it with other market factors and professional guidance to achieve an optimal listing price for your home.
Landmark is here to help, contact us today to learn more about the process and get the best price for your home.
(559) 412-2301