Selling a home in San Diego CA

If you own a home in San Diego, it’s a good time to sell: Home prices rose 19 percent last year, according to data from the San Diego Association of Realtors. And while many people want to live in one of the best places to call home in California, there simply aren’t enough homes to buy. Being a seller in a seller’s market is a good feeling.

Deciding to sell a home in San Diego, CA

Before you decide to list your San Diego property, you need to plan where you’re going next. Keep in mind that the current housing shortage isn’t limited to San Diego. It is causing high prices in most parts of the country. So, if you’re thinking of selling your home while buying another at the same time, you’ll want an idea of ​​the down payment you’ll need for your next property. Otherwise, consider getting a short-term rental to help you avoid the hassle of finding a new home right away. You’ll also want to budget for moving expenses.

When should I sell my San Diego home?

The best time to sell is spring and summer. However, if you’re trying to figure out the best time to sell a home in San Diego, the answer is now. That’s because of the seller’s current market conditions. The median property price in April 2022 increased by $1 million, and homes on the market fell 23 percent last year. Therefore, following the basic law of supply and demand, your home is a very desirable property.

Things to consider when selling your home in San Diego

Don’t let the seller’s market fool you into thinking that selling will be an easy and simple process on its own. Here are some questions to consider when entering the market.

What condition is your house in?

Most buyers want a home that’s move-in ready—that is, they don’t want to buy a place that needs major maintenance. When was your roof last replaced? Is your HVAC system working properly? One of the keys to selling your home is making sure buyers are impressed. Try to strike a balance between making critical repairs without committing to something too big: Big projects, like remodeling your entire kitchen, won’t pay for themselves.

How fast do you need to sell your home?

Homes in San Diego sell fast. The most recent report from the San Diego Association of Realtors puts the average number of days on the market at 21. But it may take longer. Additionally, interest rates are rising, so buyers may have a more challenging time getting the financing they need. Think about your personal situation: Can you make your home stay on the market longer than expected? Are you in a hurry to relocate for a new job? Your timeline will affect your sales strategy.

What taxes and other fees will you have to pay?

Selling a home in San Diego isn’t just about the profit you make. You have to consider various selling expenses. Big cash can include real estate commissions, which are typically 3 percent for your agent and 3 percent for the buyer’s agent. So, on a $700,000 sale, a seller can expect to pay $42,000 in agent fees.

You will also need to pay the real estate transfer tax, which covers the transfer of ownership of the home to the buyer. In San Diego, the rate is $1.10 per $1,000 valuation. So on a $700,000 home, the transfer taxes would be $770.

There are also additional fees to consider, including the amount you will pay for the remainder of your property tax bill and the fees of a real estate attorney to help negotiate the contract language.

What potential issues should you describe?

California requires sellers to complete lengthy disclosure documents detailing the death of the property in the last three years, from floods and wildfires. Basically, you must inform the buyer of any problems that may affect the value of the house. Be specific and include every detail to avoid potential legal problems in the future.

Preparing your home for sale in San Diego

First impressions are everything in real estate. This means more than just cleaning. Start on the outside: Add some quick curb appeal with simple, inexpensive touches like power washing the driveway, cleaning the windows and painting the front door. Then focus on the interior. Even if your home layout works for you and your family, it may feel cluttered or outdated to someone else. One of the easiest ways to solve these problems is home staging. It will cost you some money – from a few hundred bucks for lighting design work to thousands of dollars for monthly furniture rental. But that investment can generate a bigger return: higher discounts and/or faster sales.

Sell ​​your home with a local realtor

When you’re ready to sell your home in San Diego, the right real estate agent can make all the difference. A realtor handles all the headaches: taking high-quality photos, marketing the listing, and hosting open houses. It’s wise to compare several real estate agents and ask these important questions to understand how each one approaches your listing.

Options for selling with a real estate agent

You don’t have to work with a real estate agent in San Diego. There are two other ways to sell your home.

  • iBuyers Companies like Opendoor and Offerpad specialize in iBuying. These offers are aimed at home owners who want to sell quickly for cash. While it may sound good to make an offer on your home within 24 hours of submitting the form online, you can make more money if you go this route.
  • Do it yourself. You can also consider a FSBO or for-sale-by-owner approach. This can be tempting because you don’t have to pay any real estate commissions. However, it’s important to know that selling a home takes a lot of work. In addition, national statistics show that typical houses sold by a real estate agent command more money than those sold by the owner, and the gap is more than enough to cover the commission.

Pricing your home to sell

A seller’s market doesn’t mean you have to list your home at an insanely high price right off the bat. Instead, take steps to understand what your home is worth. Check out local comps to find out what prices the latest sales have commanded. The real estate agent should walk you through these before agreeing on a list price. You want your list price to attract a lot of interest – if you can receive multiple offers, you can take advantage of the competition and get more than you’re asking for. In fact, that’s a fairly common occurrence here: Last year, the average home in San Diego sold for 103.6 percent of its original asking price.

Getting to the closing date

After you make an agreement with a buyer, there are many more steps before you receive the money. While most of the work will fall on the buyer’s shoulders, you will need to carry out some responsibilities, including carrying out any repairs included in the contract (be sure to keep your receipts to ensure these are completed) and cleaning up for the buyer’s final walk-through. Through.

Your agent and attorney will handle most of the work on closing day. Just be sure to find out how much you have to pay for closing costs and get a cashier’s check for the full amount. Now, it’s officially time to wave your San Diego home.

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