When you’re getting ready to sell your home, it can be overwhelming. There’s so much to do, including packing up your home, finding a real estate agent, and getting your home listed. When it comes to listing, pricing your home can be confusing, especially in a hot and diverse market like Arizona.
There are multiple factors that come into play when you’re trying to determine how to price your home in Arizona, and it’s never as easy as looking at online estimates about what you can get. You want to get it right; if you come in at a price too high, it can limit the number of potential buyers who show up to tour your home. If you come in too low, however, while you might find a lot of interested buyers, you could potentially cost yourself tens of thousands of dollars.
There’s a lot on the line, so we’re going to go over how to price your home in Arizona so you can sell it quickly for the highest price possible.
Don’t Abide Only by the Estimates of Third Party Sites
Some real estate sites allow you to look up any home and see an estimate for what it’s currently worth. They typically look at the price the house last sold for and factor that into changing trends in the area in general. While factoring in trends over time to assess your current home’s worth isn’t a bad call, the reality is that these sites don’t have enough information about your home to be the final determination.
These sites don’t track major upgrades to a home that drastically affect value, like the addition of a privacy fence in the yard or a remodeled master bath. Conversely, if your immediate neighbor’s home sells for 350k, they may assume that yours could get close to that… despite the fact that they had fully remodeled the interior while your home has the same build-grade interior from 20 years ago.
While these numbers can be a solid starting point, take them with a grain of salt until you consult a professional.
Instead, Talk With a Agent to Get Your Comparative Model Analysis (CMA)
When you’re looking at pricing your home, the best thing you can do is to start with a comparative model analysis (CMA). To do a CMA, you’ll need to talk with an agent. When you work with a Homie agent, they’ll look at similar homes around you to determine what your home is worth. They look at all the details that could impact prices. They factor in upgrades, amenities, and the home’s age. All of this information is then used to come up with a good price for you.
It’s important to factor all of these variables into play. Your neighbor may have the same size home you do, for example, but the two homes could be in drastically different shape, even if they had the exact same square footage and layout. Looking at images of the home and listed amenities (like new piping or a one-year-old AC unit) in addition to the standard metrics will help determine the true value of your home.
If you’re curious about what your home is currently worth, including all those details that are a part of a Comparative Model Analysis, Homie offers a free home value report. Click here to request your report from our team of experts.
Never Assume There Will Be a Bidding War
In hot markets, bidding wars aren’t uncommon. A seller may receive multiple offers at break-neck speed that exceed the original listing price on high-value, in-demand homes. While bidding wars could happen on any property (especially in currently in-demand areas like many places in Arizona, where more people are moving into the state), you don’t want to rely on a bidding war to happen in order to get your true target cost. Intentionally listing the property at a lower value than you should, in hope of inciting a bidding war, can backfire and cost you significantly in the process.
Work With a Real Estate Agent
There are clearly a number of factors to consider when you’re selling your home, and Arizona is currently a hot market that’s moving quickly. Working with a licensed real estate agent can help you at every point of the selling process, including the all-important step of pricing your home correctly.
Local real estate agents, like the ones at Homie, live and breathe home prices. They’re extremely familiar with market trends in your immediate area. They know how in-demand housing in your city is, and how valued homes in your actual neighborhood are. They’re also aware of things that are hard to track through pure data alone, such as the increased value of an open floorplan that most people want, for example, or what (if any) small upgrades you should make to your house to make a big impression.
Turn to a Homie
Homie has experienced, licensed agents in Arizona who charge an affordable, set flat fee for selling your home. Here at Homie, we know the market well and will help you ensure you’re pricing your home competitively while still getting every penny for it that you should.
Selling your home is a big decision, and deciding what price to list your home at is a crucial part of the process. Any home that you’ve bought is an investment, and you want to treat it as such. The steps laid out above can help you price your Arizona home well, especially when you’re working with an experienced local real estate agent.
Looking for help when deciding how to price your home in Arizona? Learn more about how Homie’s real estate agents can save you thousands and sell your home quickly here.