Welcome to our guide on how to sell your home in the Coachella Valley. We will cover how to determine the value of your home, pricing your home, factors that can influence overpricing, do open houses sell homes, why isn’t your home selling, costs involved in selling a home, preparing your home for sale and so much more. You can contact us anytime at 760-464-8138 or visit our Contact Us page!
Determining the Value of Your Home
The market ultimately determines the true value of your property. Before you compare your home to similar properties and establish a competitive list price, the following points should be considered:
- Community Amenities
- Buyer Supply
- Financing Options
Get a professional market evaluation. Using our online tool is helpful, but keep in mind, it’s very generalized. These online home value estimates use a much wider area and include properties that can be quite a bit different than yours. These are great if you are just beginning to think about selling a house, but not great to set your “walk away cash” number on.
Another great way is to pay for an appraisal. The cost ranges from $400 to $800 but may be worth it. Getting this done can be a marketing tool when selling the home.
Learn more about getting a Pre-AppraisalGet Your Home Value
Know the Coachella Valley Market
It’s Important to know our Real Estate Market, While average single family home in the Coachella Valley is selling for around $411,000, there are variances throughout are area. You can update yourself on the value of your home by requesting a home valuation for your home.
The best way to learn about the market is talking with a Real Estate Professional that knows the area. They can provide details of the current market, where it’s been and where it’s going. Don’t rely on the news….please! Real Estate is very local, what’s happening here and there vary quite a bit.
Visit our Real Estate Market Report to get updated Market Information
Pricing Your Home
Agents have known it for years – Well-kept homes, properly priced in the beginning always get you the fastest sale for the best price!
What’s The Benefits of Pricing Right? Your Property sells faster, because it it exposed to more qualified buyers
- Your home doesn’t lose its “marketability”
- The closer to market value, the higher the offers
- A well-priced property can generate competing offers
The price is the one someone is willing to pay. As an Real Estate Broker, I never set the price. The real estate market will dictate what the home will sell for. Once you evaluate your market competition, what has sold and what has didn’t sell, you can narrow down what your list price should be. Reviewing homes that sold quickly, and homes that didn’t sell (expired), can you help determine where you should list your home. Pricing on the high side could cause you to chase the market and ended up selling for less than what you would have it priced right at the beginning.
The actual price your list your home is also important, read “How Should I Price My Home“
Once you are on the market, you case gauge how you are priced by the activity on your home:
- No Showings – Overpriced!
- Showings-No Offers – At or slightly above market,
- Showings – Offers – YOUR PRICED RIGHT!!!!
During the marketing period, you need to observe the warning signs of being overpriced.
Realtor Elimination: If agents are not previewing it & do not show it, they are eliminating it.
Buyer Elimination: If your home is getting showings with no results, the buyers are finding better properties to buy and they are eliminating your home
There are 5 main factors that sell a home:
- Market Conditions
- The Real Estate Agent
You can’t control the Location and market conditions. You can control price, condition and the agent you choose.
Homes that are in good condition that have been updated and/or rehab sell the quickest and for the higher price.
In determining market value: Definition: The price of the home, in its current condition, will sell within the next 30 to 90 days.
Knowing the current market is vital in pricing the home. Is it a Hot seller Market or Buyer Market, or? Each market has it’s own challenges and will determine the price to list your home.
The right agent makes all the difference in helping getting your home sold. Read more below
Choose the Best Real Estate Agent
The best real estate agent is not defined as the biggest team or top producer. The best agent for you is someone who will work for your goals, not theirs. You want an agent you feel comfortable with and can trust. If you don’t feel comfortable and trust the agent you are working with, it doesn’t matter how good they are or if they are a top producer, you will have a bad experience with them. The best way to find a agent is a referral from friends, family or co-workers. But you still need to meet them and determine if they are a right fit for you.
Laura Lake Real Estate works by referral. By providing top level customer service and creating long term business relationships, we can spend our time helping our clients achieve their real estate goals instead of chasing after that next lead. It’s estimated that most agents spend 80% of their time looking for new business and on 20% helping their current clients. Learn more about how Laura Lake Real Estate works with our clients
The Results of Overpricing
Many sellers believe that if they priced their home high, they can lower it later. Often, when a home is priced too high, it experiences little activity. Gradually the price will come down to market value, by that time it’s been for sale too long and some buyers will be wary and reject the property. Sometimes this cause the seller to drop the price below the original market value and ends up selling for less than if they would have priced the home within the market value at the time they listed home. This happens despite if it’s a sellers’ market or a buyers’ market.
Always keep in mind, no matter if we are in a seller’s market or a buyer’s market. The value of your home is the price the buyer is willing to pay and the seller is willing to sell…period….end of story!
Factors that Influence Overpricing
- Extensive renovations/hidden costs
- Desire to purchase in a higher-priced area
- Original cost of the home was too high
- Lack of Market knowledge
- Building in “bargaining room”
- Perceived emotional value
Updating/rehabbing a home can add more desirability from the buyer, but be aware that most updates and such do not return a dollar for dollar return. If you want to make updates, talk to a Real Estate agent who can help you determine what and what not to do to maximize your return at the sale.
Just because you want to buy “more house” doesn’t make your home worth more. Sellers need to be aware of market condition for where they currently live and where they want to live and decide if it’s the right choice in the current market. Many times seller will sell in a seller’s market and and rent until it’s a buyer’s market. Sometimes that pans out, sometimes not. We can be in a buyer’s market, but values can continue to be stable and sometimes they still increase.
If you bought the home right before the housing bubble of 2007-2008,you paid during the “height” of the market. While our Coachella Valley Real Estate Market has recovered nicely, we are still below our 2006 high, with the exception of Palm Springs, which currently is above the 2006 high.
Not doing the research for the area and your neighborhood is a mistake. Just deciding your house is worth X and you won’t take nothing less that X does not work. During the crazy market times, that may have worked, but those times are gone and those crazy loans are gone too. Appraisals are very tight and you cannot get away with that anymore.
Building in bargaining power into the price tells us you already know you are overpriced. Again, doing this can cause appraisal issues in escrow and time off market getting good solid offer at market value instead. Also being emotionally attached to the home does not increase the value to the home.
How can I Increase the Value in my Home?
The following list won’t necessarily increase your home’s value but when compared to active listings and recent sales, they can get more showings an generate more interest which can bring in a higher number of offers and higher offers (even multiple offers in a hot market)
- Paint and carpet
- Repairs and fix deferred maintenance items
- Use “selling” colors
- Remove pets and odors where possible
- Make showing as easy as possible
- Include a Home Warranty
- State your home to sell for more value
- De-clutter. Clutter makes home appear smaller and of lesser value
- Use the best real estate agent that will feature your home at it’s finest
View our “Preparing to show your Home to Potential Buyers checklist: to see additional items to get your home in tip top showing shape!
What are the Cost Involved in Selling a home?
The costs to sell varies from transaction to transaction, there are some sellers fees you can expect to pay. You will have the agent commission, title/escrow fees and concessions to the buyer. The fees that the seller will pay vary in a buyers market vs. a sellers market.
What is the Average Time to Sell a House in the Coachella Valley, CA?
(Updated August 2019)
The Average days on market for Single Family homes varies by city in the Coachella Valley. Overall our days on market is at 68 days which is two days more than this time last year. Overall, our inventory is at the lowest in five years. Both of these indicators point to the continuation of the trend to increased prices, but at a slower rate due to the current decrease is home ownership affordability overall in California. But it’s worth noting that the Coachella Valley is still considered one of the best deals in home ownership in all of Southern California.
Get current Market Stats from our Real Estate Market Report
Paying Taxes when Selling A House
Yes, we are talking taxes here…Yeah I know….but it’s important to know your options with Capital Gains taxes.
You can exclude up to $250,000 of your capital gain from your taxes. Most homeowner do not pay this tax on the sale of their home. The IRS lets you exclude gaines of up to $250,000 from your tax return, not every property qualifies from the exemption, however and there are limits on how often you can claim this benefit.
The Taxpayer Relief Act of 1997
- Must be Primary Residence as defined by IRS Rules
- Must of lived in the property 2 of the last 5 years
- You may only claim this exemption 1 every two years
It’s best to consult a tax professional before selling a property and to check for any changes in the tax code.
Do Open Houses Sell Homes?
Yes, all the time…….just not maybe yours!
Generally, Real Estate agents hold open houses for a couple of reasons: The 1st and most important is to gain the most exposure possible for the seller. The 2nd is to gain exposure for themselves. This really is not a bad thing, it’s really a win/win. Open houses can generate potential buyers for the home and generate possible additional business for the agent.
A good Real Estate agent can help any buyer or potential seller when they visit. But a great Real Estate agent will learn your neighborhood and have copies of SOLD comparables on hand to discuss why your property is a great offer to a potential buyer. they will know the features and can talk about your home on your behalf.
There are times when that perfect buyer does walk into your open house and makes an offer (happens about 1% of the time nationally). So while it may not be something you require of your agent, it may be something you permit for additional exposure.
Colors that Help Sell a House Fast
Just as important as the hues you choose for the interior, the exterior house colors should be planned. The colors you choose will be the ones you come home to everyday and they can also make a difference in your homes’ value. If you are planning to sell a home in the future, you may want to carefully consider the exterior paint colors you choose.
Neutral colors can help a home sell and you choose traditional colors, these can present a warm and esthetically pleasing look to the exterior of you home.Where you house is located is also a big consideration when selling. A home in Palm Springs will be attractive in those bold yellow, greens and reds, but do the same in Coachella or Indo, and you could end up losing potential buyers for your home.
Keep updated on trends for paint colors. Right now the big thing is the mix of grey and beige. These color schemes work really well as they are still pretty neutral and can work with many decorating schemes.
Colors to avoid
To help with a resale, avoid neon colors, anything pink, bright yellow, orange or purple. If a buyer specifies these color preferences, that’s a different story, but typically, potential buyers are looking for light, warm or earthy colors that translate into “shelter” and “warmth”. Remember, they’re visualizing themselves in your home, so the exterior should be inviting and warm.
Colors to avoid: In general, darker colors can make a house look smaller but more substantial. The problem with darker colors is they can quickly start to fade in the sun. A lighter color or an earthy color can help to increase your curb appeal as these colors are very inviting and help to showcase the home. Ultimately, that’s what you want when you’re looking at a future sale!
Just keep the following in mind: Neutrals keep decorating options wide open, where stark bold colors could limit them.
Why Isn’t my House Selling?
There are many factors that can affect the selling of your home
- Overpriced – Usually the #1 Reason
- Very competitive market, buyers have more choices
- excessive deferred maintenance
- Smoke smell
- Animal smell
- Clutter throughout the home
- Not enough exposure to the market
- Neighborhood unappealing
- To Outdated (usually cured by price)
- Too Personalized
- Nearby affluences since as power stations/lines, traffic, noise, smells
- Stigmatized Property (such as a murder, drug busts, etc)
- To hard to schedule a showing
- Bad or no photos.
- Because you didn’t hire Laura Lake Real Estate. Call me next time 760-464-8138
If you have something causing your house not to sell, yo need a creative agent and an aggressive pricing and marketing plan.
I Want to Sell My House
Fantastic, Laura Lake Real is a Broker Associate with Re/Max Consultants and services all of the Coachella Valley. We have partners in many other cities in the nation and would love the opportunity to work with you or connect you with one of our great buyer or listing specialist in your area. contact 760-464-8138
Visit www.SellerListingService.com to learn more about why you should use Laura Lake Real Estate to sell your home.
Our “Easy Out’ Listing Guarantee
We know trying to decide who to hire to sell your home can be a daunting task. Which is why we created our “Easy Out” guarantee. We are so confident in our customer service and ability to get your home sold, we guarantee it.
Neighborhood Market Watch Service
As you already know, understanding what’s happening in your neighborhood can give you best information about what your home will sell for. Keeping an eye on the market is what we do. And now we provide a free service to make it easy for you to do the same.
Learn more about our Neighborhood Market Watch
Instant Offer Program
Need a quick sale? We have a program to help you. We will meet with you and create our Instant Offer and Traditional Sale comparison.
Sometimes a quick sale can net you the same or even more than traditionally listing the home. We can show you in detail your options so you can make a informed decision on the best way to sell you home.