2 Things You Need to Know to Properly Price Your Home

In today’s housing market, home prices are increasing at a slower pace (3.7%) than they have over the last eight years (6-7%). However, they are still are above historical norms. Low supply of listed homes and high demand from buyers has pushed prices to rise rapidly.

In the mind of the homeowner, annual home price appreciation over 6% has become the new normal. This becomes a challenge when a homeowner looks to refinance or sell their home, as the expectation of what the homeowner believes the home should be worth does not always line up with the bank’s appraisal.

Every month, the Home Price Perception Index (HPPI) measures the disparity between what a homeowner seeking to refinance their home believes their house is worth and what an appraiser’s evaluation of that same home is.

Over the last five months, the gap between the homeowner’s opinion and the bank’s appraisal has widened to -0.78%. This is important for homeowners to note, as even a 0.78% difference in appraisal can mean thousands of dollars that a buyer or seller would have to come up with at closing (depending on the price of the home).

The chart below illustrates the changes in home price estimates over the last 12 months.

2 Things You Need to Know to Properly Price Your Home | Keeping Current Matters

While the appraisal gap widens, another trend is also becoming more common.

According to realtor.com“the share of homes which had their prices cut increased by 2% compared to last year”. Thirty-seven out of the 50 largest US housing markets saw an increase in overall price reductions.

In today’s market, you need an expert agent who can help price your house right from the start. Homeowners who make the mistake of overpricing their homes will eventually have to drop the price. This leaves buyers wondering if the price drop was caused by something wrong with the house. In reality, nothing is wrong- the price was just too high!

Bottom Line

If you are planning on selling your house in today’s market, meet with a local real estate professional who can help you set your listing price properly from the start!

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The Impact Staging Your Home Has On Your Sale Price

Some Highlights:

  • The National Association of Realtors surveyed their members & released the findings of their Profile of Home Staging.
  • 62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market.
  • 50% of staged homes saw a 1-10% increase in dollar-value offers from buyers.
  • 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.
  • The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.

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15109 Village 15, Camarillo CA – Leisure Village Home for Sale

Welcome to this super-clean, expanded El Dorado model (2 bedrooms plus den) close to Recreation Center in the gated Leisure Village (55+) retirement community. This home has a large patio enclosure integrated into the living room adding over 200 sq. feet. There is also open patio space. Recent upgrades include dual-pane windows, wide board wood-like flooring, smooth ceilings, wide baseboards, fresh paint & air conditioning. The eat-in kitchen has stainless steel appliances, recessed lighting, tile counters and floor. The bathrooms have been upgraded with faucets, sinks & mirrors. Both bedrooms are nice-sized, with new carpet & mirrored closets. Inside laundry. In addition to the patio enclosure, there are also 2 open patio areas so you can enjoy the beautiful weather in Camarillo. The Leisure Village lifestyle offers 18 hole par-3 golf, swimming pool, spa, fitness center, billiards, many clubs for socializing including wine tasting, sewing room, ceramics-wood-lapidary shops, library, over-sized chess, pickle-ball, bocce, tennis & the security of living in a 24-hour guard-gated community. This is the one you’ve been waiting for. Welcome Home!

For more information, please visit http://www.iloveleisurevillage.com