Banning CA Home Values - How to Determine the Value of My Banning CA Home
Accurately determining the value of your Banning CA Home is important, now more than ever. Many Banning homeowners are wondering exactly what their properties are worth, and if now is the right time to sell their house. Below is a quick explanation of how you can determine a good list price to sell your Banning CA home fast and for the maximum price:
Determine the Value of Your Banning CA Home
Step 1: Determine how many square feet your Banning home is, and how many square feet or acres the lot is as well.
Step 2: Take note of your bedroom and bathroom count, and also your total room count.
Step 3: Take note of the year your Banning home was built.
So far, the steps above are an assessment, albeit a simple one, of your Banning home. Below you will compare your home's specs to that of Sold Banning CA properties and Active Banning CA Home Listings.
Banning CA Home Values
Step 4: Search Banning CA homes that have sold within the past six months, and within a mile's radius from your house. Make sure they closely match your home's square footage, lot size, year built and the number of bedrooms and bathrooms your home has. Also, keep in mind homes within the same community as yours are more comparable than homes outside your community, even if they are right down the street.
There are many ways to do this. As Banning real estate agents we use our MLS and public records to search for sold homes, but some websites available to the general public do list sold homes. Finding them may be a bit difficult, but the information is out there.
Step 5: Search Banning CA homes currently listed for sale using the same search criteria you did when searching for sold Banning homes. This will be a bit easier because finding current listings online is very simple. Stay away from FSBO homes, though, also known as For Sale By Owner. These homes have been put on the market by owners themselves. The price is usually biased and the owner is untrained in pricing homes to begin with.
Step 6: Take the comparable Banning homes you've found and determine the price per square foot every home either sold for, or is listed for. Take these numbers, lump them together and average them out to determine an average price per square foot.
Step 7: Take the average price per square foot number and multiply it to your home's square footage. This will give you a general idea of market value of your Banning CA home. You can also break up average price per square foot by sold homes, active homes, and other variations to give you some insight of the market's tendencies.
Determine Banning CA Home Value
A few tips to consider:
You can expand your comparable search criteria to help find useful comparables. For example, if you can't find a home that matches your Banning home's square footage, you can expand the square footage search by 10% either way. So say your home's square footage is 1,000 sqft. - expand your search to include 900 to 1100 square feet. You can keep expanding should you need to, and this technique can be used on other criteria as well, like lot size, year built, etc..
Also, attempt to find at least three Banning Sold Comparables and three Banning Active Comparables. This gives you a better sample of the Banning market for your home.
And lastly, condition of a comparable is very important. A Banning home that is new with all the upgrades is worth more than a dilapidated Banning property.
Again, this is a simplified version of the market valuation formula, but it can give you a general idea of what to consider when determining the value of your Banning CA home. If you have any questions or would like us to provide you with our professional market valuation of your Banning home, please feel free to call or email us anytime:
Call (888) 9-List-It.
That's (888) 954-7848.
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