How to Choose a Sale Price for a Tracy Home
Any Tracy homeowner that wants to sell their house may find it hard to put a price tag on the property. There are many memories and emotional connections with a house that unfortunately, do not change the value of the home. It is best to look at the current market trends and make smart renovations to get the most out of a Tracy house sale.
Current Market
The best way to price a Tracy house is to look at the recently sold properties in the Tracy area. These properties will give a great estimate of the current real estate market and will be a good indicator of how well a property will sell. Always look at a house that is in similar condition and one that has similar amenities.
The square footage, the amount of land, and how many bathrooms the home has is typically the stepping off point. Start with square footage and look at how many bathrooms each property has. The more full bathrooms, and even half-bathrooms, a property has, the more it can sell for versus a property with only one bathroom.
There are two ways to look at similar houses that have sold in the Tracy area. Most real estate websites will have an option to view houses that have just been sold. Simply put in the desired location, select recently sold, and scroll through the many properties in the area.
It can also be easy to pair with a real estate agent to learn more about the market. An agent that is well-versed in the area can easily tell the market’s direction. They will know what properties are being sold for and how quickly they are leaving the market.
Renovations
Renovations can help a Tracy property sell quickly. A renovation in the kitchen and bathroom can bring more appeal to the home, as long as the style is neutral and appealing to many buyers. However, these renovations typically cost much more than they will bring during the sale process.
Shelling out ten thousand dollars on a home renovation may help the Tracy house sell quickly, but it may not add value to the home. Unless adding additional space to the house, the value of the home will not fluctuate greatly. Many sellers assume they will get the money back that they put into renovations.
This is generally untrue. A Tracy buyer will not care how much money was put into a renovation. They will only be concerned with the overall value of the property. If the value has not changed, then their offer will reflect the value of the Tracy property. Always consider if the renovation will bring in more money.
If the renovations will end up costing more than it is worth, consider doing simple updates. Paint the walls, varnish any woodwork, get the floors and carpets cleaned, and make any necessary repairs. While it may not be as stunning as a full renovation, it will give an updated look to the house at a fraction of the cost.
Overzealous Updates
Avoid over-updating a Tracy house. If the house is a much higher value than the other properties in the neighborhood, it can be harder to sell. People will typically look in a neighborhood because the average cost of a house is in a certain range.
By over-updating and making too expensive of renovations, the house may be pushed into a higher cost bracket. The buyers that are looking in the area may avoid the property due to its high cost. If the other houses are much lower in value, buyers are likely unable to spend too much more above their budget.
The planning that goes into selling a Tracy house is essential to getting a good price. A homeowner must consider the houses in the Tracy area, as well as the updates and renovations needed for their property. Expensive renovations are enticing to potential buyers, but they do not guarantee a better price. Simple updates are better in the long run.