Home Selling Tips in Murrieta, CA: How Much Is My House Worth?
I met with a home owner recently who wanted to sell his house. He was interviewing three different real estate agents... a smart move that helps the owner find the right agent to list his home.
During our meeting, after I reviewed his home, he asked the key question on his mind: “How much is my house worth?”
I anticipated this question and had already prepared a Comparative Market Analysis (CMA). The CMA showed what similar homes in his neighborhood had sold for in the last three months. As it turned out, two of them sold within the last three weeks. I explained that the CMA suggested his home’s value was $190,000.
He stared at me silently.
After a few moments, he said that he was hoping to sell it for at least $380,000 because, “The house down at the corner sold for $380,000.”
He was right. The house down at the corner did sell for $380,000... four years ago. But within the last three weeks, two homes... with the same floor plan, same square footage, same number of bedrooms and bathrooms, similar lot size, and in the same neighborhood... sold for around $190,000. I explained that, “It’s these recently sold homes that have the greatest influence on your home’s current Fair Market Value.”
He was very disappointed, which I can understand given that he thought his home was worth twice what it actually was in today’s market. He reminded me that he had remodeled his kitchen (it was beautiful) and had a great view of the park across the street (it did), and felt that it was reasonable to ask for a much higher price of "...at least 280,000."
While I agreed that those are attractive features of his home, it was unlikely that a home buyer would pay 50% more than his home was worth, even if the buyer wanted to. Why? Because the buyer’s lender will likely only lend 80%-to-90% of the home’s appraised value... and the appraised value will likely be around $190,000.
So how much is your home worth? It’s an inescapable fact that your home’s value is significantly impacted by what similar homes have sold for recently. If you are interested in selling your home and want to learn your home’s value, consult with a local real estate professional who can prepare a Comparative Market Analysis (CMA).
Want to know the instant that a Murrieta home is listed for sale? As a free service, I will set up automated home searches for you. Click here to discover how easy it is to find your dream home.
Or, to set up your free automated home search right now, please contact me, Bill the Murrieta Broker, by phone or text at (951) 347-3818, or email me at Bill@my3BRealty.com. All I need to know are the features you want in your ideal home, plus the email address that you want your searches automatically sent to.
Contact me today to setup your free automated “Murrieta Homes for Sale” search.
Murrieta is a young, affluent community, boasting an educated, high-income population that's comparable to communities in San Diego and Orange Counties. Murrieta offers a wide range of new shopping, dining and recreational options, a diverse choice in housing, and a world-class education system. Incorporated in 1991 and with a population of just over 100,000, Murrieta was recently recognized as the safest city in Riverside and San Diego Counties.
Cradled within the junction of the I-15 and I-215 freeways, Murrieta is centrally located to businesses in Riverside, San Diego, Los Angeles, and Orange Counties. New retail centers, industrial buildings, and Class A offices have been completed with more in the planning process. With over 2,000 acres of additional available land, Murrieta is attracting upscale retail centers and quality hotels, as well as research and development/medical technology firms and first-rate healthcare facilities. Murrieta is an ideal place to locate, invest, develop and expand as it is destined to become the premier business hub for the region.
Please subscribe to my blog, Bill the Murrieta Broker, for up-to-date information about Murrieta home price trends, the price trends for Murrieta condos and townhomes, and for Murrieta Open Houses, as well as for Greer Ranch homes for sale and Greer Ranch home price trends, or contact me by phone or text at (951) 347-3818, or email me at Bill@my3BRealty.com.
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