As a Phoenix real estate agent, one of the questions I get asked often by sellers is about the selling price for their home. It’s important to know that, while you may be emotionally connected to your home, buyers aren’t. They know that, given the current buyer’s market, they potentially have the upper hand, and they want to find a home that is a “good deal.”
On the other hand, sellers don’t want to feel they’re losing out on their home and they want to see their return on investment. However, there are many factors that play into pricing your home correctly. If your home in the Willo Historic District or Encanto-Palmcroft first enters the market priced far above its competition, it will easily get overlooked. The longer your home sits on the market, the less traffic it will receive and buyers may begin to think there’s an issue with your home and that’s why it’s not moving off the Phoenix real estate market.
No matter which neighborhood of Phoenix you’re in, whether it’s Biltmore, Paradise Valley, Roosevelt Historic District or Arcadia; you can’t lose sight of pricing your home correctly from the very beginning. Below are four of the main factors that will play a role in your Phoenix home’s price.
1. Location– You can’t get away from this one. If your house is located in a desirable area such as Bilmore or Phoenix’s Camelback Corridor, you will be able to get a higher price than you can for the same house in an area that is not as popular. Distance to schools, stores, restaurants and other every day stops will play a role in the desirability.
2. Condition– A Phoenix home that has been better maintained and shows better will always sell for more than one that has had deferred maintenance and needs work.
3. Desirable Amenities– If a house has amenities that are currently popular in the Phoenix Real Estate market, it will bring a higher price. Your Phoenix real estate agent will be able to give you a better idea of the type of amenities that the homes in your neighborhood offer.
4. Calculate the price per square foot– The average price per square foot for homes in your neighborhood shouldn’t be the sole determinant of the asking price for your home, but it can be a useful starting point. Keep in mind that various methodologies can be used to calculate square footage.
While selling your home may seem like a daunting task, pricing your home correctly can play a key role in getting your home sold quickly. As always, if you have questions about putting your home on the Phoenix Real Estate market or are looking for a Phoenix real estate agent to help you through each step of the home selling process, feel free to contact me!
I’d love to put my experience in the Phoenix Real Estate market to work for you and help get your home sold!
Joe Janus, real estate agent and Realtor® specializing in Homes with Exceptional Style in Phoenix, Scottsdale and Paradise Valley, Arizona