“How much is my property worth?” “How much could we get for our place?” “How much do you think my condo would sell for?”
I get asked different variations of this question every single day, everywhere I go. It doesn’t matter if I’m at a dinner party, bbq, school event, or even on a field trip with my 7 year old. It’s okay. It’s totally normal. Everybody wants to chat real estate. It’s why I started this blog, and it’s a go-to if conversation about Blue Bottle versus Ritual Roasters gets so heated it’d be better left settled in the Octagon. Everybody wants to know if their home value has gone up, and everybody wants free information about the market and their property. So how does a real estate professional accurately answer this question in a market where (currently) home values seem to be going nowhere but up every week, and every new sale sets a new high water mark in your area?
The answer is this, nobody REALLY knows. A couple things I do know are Zillow Zestimates do you no good in San Francisco, your property is worth more than your cousin’s in Kansas, and your property could be worth more than it ever was. I know what comparable properties have recently sold for, and I know how I can help you market, show, and price your property to get the maximum number of people through the door in an effort to let the market dictate what is the maximum value your property is worth.
I can tell you your home is worth roughly $900,000 because it is 1200 square feet, has this that and the other thing similar to that other property, properties like this in and around your area are selling for about $750 per square foot, and that most recent comparable received 10 offers and sold for $915,000. I also know, just because that property got $915k, it doesn’t mean you’re property is worth more. Your block might be more or less desirable to any one person. Buyers may or may not like your view more. They may or may not like the style of your “remodeled” kitchen and baths. Your creepy neighbor might look out his window at exactly the wrong moment each time a buyer is checking out your yard.
There are a ton of factors that come into play when valuing a property in San Francisco and many of those variables are unknown until your home is actually on the market. Perfect examples right here: 1761 Hayes, 1850 Church, and 49 Ford. Waaaay beyond what anybody reasonably felt those properties were worth, but marketed exactly as I would have done, and knocked way the hell out into McCovey Cove.
So the long and short of it is this, your property is worth whatever you’re willing to sell it for, and whatever a buyer is willing to pay, and that is going to be a range of values depending on all kinds of different factors, strategies, political & economic events, and location, location, location. In San Francisco, it literally comes down to the block. Ultimately, it’s a buyer that is going to dictate what your home is worth, so the name of the game is getting as many buyers through your door as possible, and that comes down to correctly preparing, marketing, showing, and ultimately pricing your property to achieve your ultimate goal. If you want to know the TRUE worth of your home, there is only one way to find out, and that is to put it on the market.
I have a ton of Stats & Numbers for you to better gauge what your property might be worth, so check them out.
As always, I’m happy to discuss what I “think” your home is worth, so give me a shout when you’re ready to sell your gazillion dollar piece of San Francisco real estate.
Come back soon for the follow up to this question, “Should I sell my property now, or wait?” I say now, and I’ll tell you why.
-Top 10 Overbids of the Week, and One Mind Bender on Church that Wouldn’t Even Make The List [theFrontSteps]
-In San Francisco it’s Ritual Coffee Roasters Versus Blue Bottle Coffee [theFrontSteps]
-Zillow Zestimates Rubbing You Wrong Too? Vent! [theFrontSteps]
-Stats & Numbers [theFrontSteps]