Stockton Real Estate News: What Determines the Value of Your Stockton House? What is My Stockton House Worth?
In Stockton Real Estate, what determines the value of your house may not be the real measure of its Market Value?
In a normal Stockton Real Estate Market it’s difficult enough to try establishing a competitive market price to sell a home within a reasonable amount of time and keep everyone happy. In today’s Stockton Real Estate Market, that burden gets much more difficult as a normally well maintained house rarely gets the benefit of an increased sales price based on its good condition.
When you add in the seemingly unlimited supply of Foreclosures and Short Sales the condition of your house gets little notice and actually presents a unique challenge to Stockton homeowners in determining the real current Market Value.
While banks with Foreclosed properties and pending short sales want to take advantage of whatever price bump they can get from the prettiest houses on the block, the numbers in Stockton Real Estate are showing that the homeowners of these well kept properties continue to take a beating as prices continue to tumble.
So let’s ask the question….. What if you have a beautiful house in Stockton, Sacramento or Modesto, California (three of the worst real estate markets in the country), and you need to sell your house now?
Today’s Stockton Real Estate Market is very different than anything that has been experienced in the last 30 years. There are so many Foreclosures and Short Sales on the market that it is virtually impossible for anyone located in any of these areas to tell you what their house is really worth based on the conventional wisdom in determining home values. More depressing is that you are less likely to get a higher price just because your house is in god or excellent condition. In fact, for anyone selling any house in today Stockton Real Estate market, you need to be aware that the “junkers” are determining house values.
With that said, if setting the sale price of a house in today’s Real Estate Market is one of the most important parts of the home selling and buying process then how does the condition of my house fit into that puzzle? The answer is it doesn’t matter very much depending on where your house is located.
Is it any wonder that pretty houses can sit for as long as 2 years without a single offer?
If knowing your home’s value helps you determine its price then homeowners must be wringing their hands in frustration while home buyers continue to look for the bargains at the expense of what the house actually looks like. Can you blame them?
So now we come to the real question… what if your home is NOT NORMAL? What if your house needs thousands in repairs and maintenance and it isn’t the prettiest on the block? Do you pour thousands of dollars into it and try to sell it? What if you don’t have the money to fix it up? Will you ever get that money back if you do sell the house? Do you sell it as is?
In today’s Stockton Real Estate Market you need to answer every one of these questions while at the same time understanding that there is very little margin for error when it comes to pouring thousands of dollars into fixing a broken house. In today’s market, chances are you will NOT get that money back out.
So if current condition of the house plays a smaller role in how to price the house, then who is your best bet to Buy your house in its as is condition? If you answered a Real Estate Investor or cash home buyer in Stockton, you would be correct, because currently 35% of all homes sales in Stockton were from cash buyers.
Certainly there are other factors in determining home values… such as the current number of comparable listings on the market. The fewer the listings, the more valuable your home, particularly if it’s in a desirable location or has amenities hard to find in your area. Supply and demand can make your home worth more, allowing you to set a higher price when you sell. Conversely, if there are many homes similar to yours on the market, then that can lower the value, especially if there aren’t many buyers.
So as a Homeowner How do You find your home value and set your price? What is My Stockton House Worth?
Thankfully, in today’s Stockton Real Estate Market there are many tools available to help you determine your homes value. The most obvious is a real estate agent or title company. Each tracks the actual sales of homes that occurred within the last 90 days and they are a good place to start. While a real estate agent can have a good understanding of the current market in your area, allowing them to review comparable homes and estimate how your home sizes up. If you want to get an idea of your home’s value before talking with an agent, you can use tools of many websites such as Home Price Check SM tool, Realtor.com, Zillow.com and others to get a value for your home, based on prices for comparable homes in your area. It might be a good idea to use this for comparison with the price that your agent recommends.
The best and most reliable way to determine the value of your house and finally answer the question: “What is my house worth in Stockton is to get an appraisal from a certified appraiser. They are not perfect and in a market of rising or falling values they will have to make a best guess estimate as well.
One final factor in determining your price may be the time that you feel you can wait for a sale Be careful, because holding cost are real and can eat your profits quickly. But, if you are not in a hurry to sell, you can price your house higher because you have the luxury to wait for the right buyer. Just make sure you don’t price it too high – you don’t want to scare away prospective buyers. However, if you are in a time crunch, it may be better to price your home on the low end in order to sell quickly. Selling quickly may be more valuable than whatever additional money you would get from a starting at a higher price.
Remember you have to factor in your holding costs for a house that doesn’t sell. By the time you pay for Mortgage, Insurance, Maintenance, water, electricity, garbage service, etc., maybe it would be better to sell that house in its as is condition to a Stockton Cash House Buyer.
My name is Peter Westbrook and I am a real estate investor in Stockton Sacramento, Modesto, Manteca, Lodi, Galt and Tracy CA. We buy Houses and we pay cash. I can also answer the question: What is My Stockton House Worth and I can even make you an all cash offer. If you need to sell your house in Stockton Fast call me for a no hassle all cash offer. What have you got to lose.
You can reach me directly at (209)481-7780.