Selling your home can be overwhelming, but with the proper preparation, you can sell your Chico home fast.
The market in Chico, and throughout California, is pretty hot but is slowing to some degree. If you’re thinking about selling, sooner than later may be advantageous.
Having a clear picture of what your home is worth is a critical first step in preparing your home for sale. The initial listing price of your home is important to the success of your sale. Price it too high and you’ll likely not sell as high as possible.
There are very little downsides to an initial listing price slightly below market value. Pricing it slightly below market doesn’t mean it will sell at that price. It is rare that a home sells for the initial listing price. Rather, it’s either a little higher or lower depending on the initial listing price compared to the market at the time of listing.
To get an idea of what your home might be worth, it is best to have a proper home valuation report or “comparable market analysis” completed before you begin the process of getting your home ready to sell.
First, data like property type, condition, and characteristics are collected on your home. It’s age and whether or not it has been updated are also factored into the calculation.
Second, your home is compared to other similar homes that were recently sold within a 1 mile radius or less. If there aren’t any sales of homes similar to yours within a 1 mile radius, they may increase that radius but typically not out of your zip code. This report is called a Comparable Market Analysis (CMA).
The CMA gives a value that should be considered for the initial listing price. What the home actually sells for is determined on the market at the time of listing for that type of home. Please remember, however, that a CMA is not an official appraisal it’s just an estimate of value. The two can be similar but an appraisal carries weight with lenders whereas a CMA does not.
It’s always good to have a valuation report prepared before you list your home. It provides a clear roadmap to the most important consideration when selling your home: The initial listing price.
To be as accurate about the value of your home, it is best to have your local area expert come out, meet with you, look at your home and go over the report.
It’s difficult to get an accurate estimate of value without seeing the home in person. An analogy to this would be like throwing darts blindfolded. You’ll hopefully hit the dartboard but a bullseye will be sheer luck!
With a short visual inspection, your agent can tell you what you need to do to prepare to sell. Normally, unless there are repairs to complete, this involves decluttering and cleaning but also includes an evaluation of what updates have been done since construction.
Condition, location and amenities matter to valuations. Without an in-home visit, the best that can be done is a wide range of values which isn’t particularly accurate.
NOTE: In the absence of comparable sales around your home, it’s always best to hire an appraiser to appraise the value. Agents only have information about comparable sales or the market approach to the value of any home. Appraisers have several valuation approaches they can use in the absence of comparable sales. Click here for a comparison between a CMA and an appraisal.
When your agent comes to evaluate your home, he/she will likely offer suggestions on improvements or repairs that should be done prior to listing that will help you sell your Chico home.
Generally, only take on improvements that are cosmetic in nature and avoid costly renovations if possible. In the short term, you will not realize a return on a costly renovation. Only take on more costly renovations if it involves a major component of the home. If your home needs a new roof, plumbing or electrical repairs, you may need to complete those to get the highest price possible from the sale.
That said, paint, new carpet and general cleanup are not that expensive and can have a positive effect on the final sales price. If for some reason those repairs can’t be done, it may not be possible to get the highest price for your home.
If your time frame for moving is a few years out, updating the kitchen and bathrooms, in particular, can have a positive impact on your return in the long term.
Here are some repairs and upgrades that can raise a house’s value over the long term:
If you’ve never sold a home before, it’s easy to make costly mistakes. Hiring an expert in the Chico market could prevent costly expenses and increase your bottom line.
If we can help you get your home sold or if you just need a home valuation, please click here for our contact page. We’ll get back to you promptly to set up a brief appointment to give you the most accurate valuation of your home.
List your Chico home with Better Homes and Gardens Real Estate
Better Homes and Gardens Real Estate is composed of a dedicated group of Realtors with your best interests at heart. Dubbed as the “most progressive real estate office on the ridge”, we will without a doubt bring to the table, exceptional real estate services guaranteed to make the process as smooth as possible.
We have offices in Chico, Paradise, and Magalia.