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Tuesday, November 03, 2015

Pricing Your Home For Sale: Size is not all that matters...

Not all prospective home sellers are created equal.   Likewise, not all prospective home buyers are created equal.  

One particular prospective home seller in the Viera, Florida area I talk with routinely always asks me the same thing.... "What are houses going for per square foot out here now?"

There are several varieties of prospective home sellers.  There are the "have to sell," "want to sell,"  and "may sell at the right price."

Of these prospective sellers the one who I write off for the immediate future is the last one - at the right price most people will sell.   Obviously no motivation to actively pursue this one!

The other two leave me some hope.  I am in the business of selling homes in Viera, Florida.  

"Have to sell" prospects are motivated because they have definitive reasons and, most often, a real timeline.

The guy who is always asking me about the going rate per square foot is one of those "wants to sell" but is unsure.  He sees the value of his house as a dollar per foot measure only.  

But there are other factors beyond the square footage when evaluating the market-price of a home.
  • Living area:  The square footage under air conditioning is what we customarily use here in Florida. Other locales may use the total square footage under the roof.
  • Total square footage:  Total area under the roof. Could have extra large garage, workshop, etc.
  • Age:  As close as possible match the construction year and, at a minimum, bracket by a few years.
  • Type of construction:  Concrete/concrete block is more desirable in Florida than a frame (wood) construction.
  • Roof materials:  Whether the roof is asphalt shingle or tile (terracotta) is a factor as tile is usually more desirable and expensive.  Age of the roof is an important consideration as well.  If a buyer will need to replace a roof in 3-5 years it is going to be a negative.
  • Garages: The existence of a garage and the capacity (1, 2 or more cars).
  • Community characteristics: Is it a gated community, has a home owner's association, community amenities such as pool, playground, etc.
  • Location: This is one of the most important factors.  Of all the characteristics this one can not be changed.
  • Number of Bedrooms and Bathrooms:  Common sense says that the more rooms, likely the greater value.  Another consideration regarding baths and kitchen...recent updates translate to more $$$.
  • School quality:  Although you may not have school age children, the quality of the local schools impacts your home's current and future value
  • General condition:  Often there are maintenance issues that have been neglected.  Any needed repairs or maintenance must be considered.
  • Competitive listings.  Fair market sales, short sales and foreclosure properties must be considered.  
When a real estate agent prepares a market analysis there will be other considerations beyond the size.... Size matters but it is not all! 

Look at it this way.... Would a doctor compare two people's condition by using weight or size  only!   A house is no different! 
 
When you are ready to sell your Viera, Florida home call me for your market analysis.  

Image courtesy of Archipoch at FreeDigitalPhotos.net

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