Longboat Key, Florida | October 22nd, 2019 – Are you planning to sell your residence moving toward yearend? If so, then you’d better price it well and truly at par with market levels. The influx of resale single-family houses on the Sarasota real estate market in recent months has been picking up steam, and with this rise in fresh entries, you can expect buyers to be quite choosy and discerning.
During the first eight months of 2019, a total of 7,213 single-family residences in Sarasota have been sales-listed, up 1.5 percent from a year earlier. The spike in new listings was highest in July at a 10.9 percent clip. This surge was notably followed by a 4.7 percent gain in August, scoring a two-month consecutive gain in new listings.
Under this scenario, guesswork is definitely out of the window when you’re setting the price tag of your house. You have to ascertain how much it’s really worth, and these two basic pointers should help price it just right.
Look at Comparable Listings
Check residences similar to yours which were listed in your neighborhood during the previous three months. Notably, property appraisers use this period as their benchmark.
Use square footage in your comparison, with the size variance limited at either 10 percent larger or smaller. The comparables chosen should also be the same vintage as your home. For instance, if your residence was built in the 1990s, don’t compare it with those constructed in the 1960s.
Limit your comparable picks to those within a quarter to a half-mile radius of your residence. Skip those which are across physical barriers, such as railroads, freeways and major roads from your residence.
Compare Houses Sold in Your Neighborhood
Examine the comparable houses already sold in your neighborhood, checking their original list prices and their closed sale prices. Pay close attention to the ratios. Typically, you would have an advantage in pricing if the comparables were sold above their listing price, an indication of a seller’s market. Conversely, if the closed sale prices are substantially lower than the listed prices, a buyer’s market may be the trend in your area.
Also, examine the number of days that these closed sales listings stayed on the market. The “days on market,” as real estate agents call it, provide an indication of the length of time during which you can receive an offer.
Take the same step of listing–selling price comparisons on pending sales. You can usually do this through the assistance of an accommodating real estate agent.
Additionally, an agent can assist you in examining expired and withdrawn listings. Such market data can likewise capture relisted properties. With an agent’s help, you can have a reading on patterns as to the reasons why these properties stood dormant on the market.
Certainly, there are many more factors to consider when examining comparables. Besides square footages, you will also need to look into variances in lot sizes, configurations, upgrades or amenities. Let our Judy Kepecz-Hays team be your partner in your price-setting exercise. Our over 40 years of experience in real estate brings market insights which can help you price your residence right.
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