To determine a price when selling a home, you have to understand how a home is valued.
And when you’re selling a luxury home in Redlands, CA, you’ll need to know how your property stands up to the rest.
Obviously, no two luxury homes are alike. Trying to value a property by comparing it to others in square footage or lot size will not take into account many of the extra features that make a luxury home. However, these are some factors you can expect a real estate agent to consider when valuing luxury properties in Redlands.
- Location: Where your home is located will be one of the factors that are important to valuation. Most luxury properties can be found in areas that are considered to be the most coveted.
- Outside Space: Clearly, a several-acre lot will be more suitable to a larger home than a 0.25 acre one. But how is this space used? Outdoor elements like swimming pools, water features, horse facilities, and even tennis and athletic facilities will all add dollar signs to your home’s price.
- Market Research: While you’ll have to work harder to find comps for luxury homes, there is a bit of science to pricing a home in any market. Try to compare properties that are in the same areas, as location can make a massive difference in cost.
- Market Activity: Part of understanding the local luxury home market is seeing what real estate activity is like today. Are homes sitting on the market, or are they selling right away? Are buyers paying list price?
- Maintenance: The state of your home will be a considerable component of the valuation. When a buyer is searching for a luxury property, they’ll take note of how your home looks in photos, virtual tours, and drive-by visits; the better maintained it is, the better the chance that they’ll take the next step.