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How To Determine The Price Of Homes For Sale In Phoenix

How To Determine The Price of Homes For Sale In Phoenix

When getting ready to sell a home, there are several things you need to take into consideration. Here are the main three that we focus on when listing a home for sale in Phoenix:

1. Comparables

First, you’ll need to know what similar homes in the neighborhood are selling for and what the market will allow for when pricing the home for sale. You want to make sure you’re comparing apples to apples. Be smart when choosing the proper comps by sticking with similar floor plans and square footage. You’ll also want to consider the number of bedrooms, the lot size, and whether or not the home has a pool.

Make sure the fixtures and flooring are similar as well. You don’t want to compare a home with green shag carpet and older appliances with the newly remodeled home for sale down the street that just put in marble floors and stainless steel appliances. It just doesn’t make sense.

2. Condition

Ask yourself two questions about the condition of the home for sale in Phoenix.

1. Is the home move-in ready?

2. Is the home in need of extensive repairs or is it seriously lacking in upgrades and updating?

You must take the answers to these question into serious consideration when deciding how to price the home for sale. You’ll want to refer to the comps again to make sure that you’re allowing for the $10,000 in roof repairs the home will need. Or even worse, you’re holding out that the green shag carpet will come back in style, just like your MC Hammer parachute pants. A buyer will not want to pay top dollar for something they feel they will have to fix, update, or upgrade shortly after moving in.

3. Competition

Who are you competing with? Is the home in a subdivision where there may be more than one of the same floor plan or similar floor plans that offer the same amount of rooms and square footage? You’ll want to do research to see what you’re competing against. Here you’ll also need to consider the home seller’s motivation and how soon they need to sell their home. If they need to sell quickly, you may want to list the home at a lower price than your competition. This will give your seller an advantage and hopefully, sell faster than a home that is similar that just listed down the street.

If you take things into consideration when you price a home for sale in Phoenix, you’ll have competitively priced your home to sell quickly and potentially, for the most amount of money. More importantly, you won’t have a long-term listing that will make homebuyers question why it’s been sitting on the market so long. Happy listing agents!


About The Author

Jessica Noble is the Associate Broker at Tru Realty in Phoenix. She is a Phoenix native and has lived in the East Valley for most her life so she knows a thing or two about homes for sale in Phoenix. Jessica focuses on educating her customer’s on the home selling process as it’s one of the most important decisions in their life and she strives to make it the best possible experience for them. If you want to learn more about how we price homes for sale in Phoenix, fill out the contact form below!

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