With all the resources out there on the web and locally, such as Zillow, Suddenlink Home Source (Channel 4) and public access to the Multiple Listing Service, as a home owner in Humboldt County California you would think that all that information would be enough to determine how much you could sell your home for in today’s real estate market.

On one hand the tools I mentioned above will help you get a sense about where our Humboldt County California real estate market is headed, but it’s difficult to determine what price your home should be listed at to compete with similar homes currently on the market without a complete market analysis.

Zillow may be able to tell you how much your neighbor’s home sold for, but you won’t be able to know the details behind that price.                                                        For example:

1)    Were there any concessions? 

More times than not the public sales price you see doesn’t take into account what was included or “thrown in” for that price.  The buyer may have gotten a $10,000 credit for repairs from the seller.  So even though the house sold for $260,000 it really sold for $250,000.  Or the buyer paid full price but the seller paid for all closing costs including most of the buyer’s lender’s fees (which can add up to $10,000).

2)    Were there any changes to the terms during the inspection period (renegotiation)?

While representing one of my buyers who had agreed to pay $360,000 for their home, the inspection reports showed about $30,000 in deferred maintenance that needed to be addressed (Most of the cost went towards a roof replacement).  When all was said and done the roof was replaced along with a few minor repairs for around $18,000.  So technically the home sales price was around $340,000.

3)    The story behind that sales price:

How long was the home on the market?  Was the original price significantly higher than the actual sales price? 

I once showed a magnificent Victorian home in Eureka CA to one of my buyers.  This Victorian was originally priced at $489,000.  This was right when the Humboldt County CA Real Estate market took a turn for the worst.  The home sat on the market for a year and every few months the price dropped $10,000.  After six months on the market, my buyers made an offer.  Based on my comparative market analysis and my colleagues opinion of value I came up with a price range of $415,000 to $425,000.  Unfortunately, the seller and my buyer could not come to an agreement so my buyers continued looking.

One year later the home finally sold for $401,000, well below what it should have sold for if the home was priced competitively at the very beginning.


 A great real estate agent who is on top of her game will not only be knowledgeable about the market your home would sell in, but can also utilize the data in the Humboldt Association of Realtors Multiple Listing Service in an appropriate way so you can be well informed before making a decision that works best for you.

Knowing where the market is at and how much you could get for your home today can be invaluable information.  This is one of the areas to consider when thinking about putting your home on the market as well as preparing you home so you attract the highest possible number of ready, willing and able buyers, which I will discuss in a future blog.

Copyright 2008 Jessica Bigger.  All Rights Reserved.  *How Much Can I Sell My Home for in Today’s Humboldt County CA Real Estate Market?  Are Online Searches enough?*

____________________________________________________________________________________________________________________

Visit www.GoHumboldtHomes.com for information about the Humboldt County Real Estate market, to learn more about how we can help you whether you're ready to sell your current home or buying your first home.  Or just learn more about what our community has to offer if you're considering moving to Humboldt County California.