Understanding the Tracy, CA Real Estate Market
“Where do I start if I want to sell my home?” Tracy, CA’s market conditions — familiarizing yourself with the latest data about the city’s real estate environment so you can take advantage of the opportunities available to you as a home seller.
Tracy, CA, is a seller’s market where demand is higher than supply. In other words, there are more interested home buyers than the real estate inventory. Since there are fewer homes available, sellers are at an advantage.
In a seller’s market, buyers often engage in bidding wars. Competing offers drive up the price, typically above what the seller initially asked for. Aside from higher home prices, properties also sell faster.
The average Tracy, CA home value is $803,796 (as of May 31, 2024), while the median list price is $792,767.
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Preparing Your Home for Sale
“Now that I’ve done my research, what are the next steps on how to sell my Tracy home?”
Home Repairs and Improvements
Buyers prefer to buy homes that require few repairs.
Here are some of the most important things you should consider repairing before selling your Tracy, CA, home.
- Structural, electrical, and plumbing
- Heating and cooling
- Landscaping and home exterior
- Roof
- Kitchen and bathrooms
- Flooring and carpets
Decluttering and Staging
Decluttering and home staging can lead to a quicker sale and at a higher price.
A decluttered and staged Tracy, CA, home for sale allows buyers to envision themselves living there which may boost their interest and their offer amount.
Below is a room-by-room decluttering checklist when sell a Tracy, CA, home:
- Entryway: Remove coats, shoes, hats, pet items
- Living room: Take away excess furniture, family photos and memorabilia
- Kitchen: Clear surfaces, drawers, cupboards
- Bedrooms: Open space in closets and drawers, clear space under the beds
- Bathrooms: Organize towels and storage spaces, clean bath and sink areas
- Home office: Remove files and documents, open up work surfaces
- Child or playrooms: Remove toys, furniture, kid’s art
- Hallways and windows: Clear sills, open walkways, add light
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Boosting Curb Appeal
The exterior of your home is the first thing potential buyers see when viewing your Tracy, CA, property. Improving your home’s curb appeal is essential to make the best first impression you can.
Here are a few tips for amping up the aesthetic of your home’s exterior:
- Clean your home’s exterior
- Paint the front door
- Mow the grass
- Trim the trees
- Add landscaping
- Add flower boxes
- Add outdoor furniture
- Install landscape lighting
- Replace your old mailbox
- Power wash the driveway and walkways
Setting the Right Price
To set the right price on your Tracy, CA, home, you should consider two things: an objective evaluation of your property and a realistic assessment of market conditions.
An experienced real estate agent will be able to help you determine the right price for your home for sale, taking into consideration the age and condition of your property, neighborhood, and the price of similar houses in the area that have been sold recently.
It is also recommended to get an appraisal. A local appraiser will be able to give you a professional estimate of your home’s value, as well as useful information about your Tracy, CA, property and what makes it valuable compared to other properties in the neighborhood.
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Marketing Your Home
If you want to sell your Tracy, CA, home quickly and at the best price, it is crucial to have an effective marketing strategy.
Hiring a Real Estate Agent
Real estate agents are key to effectively marketing and selling properties, from listing your home online to hosting open houses.
When choosing a real estate agent, check their website to see what they offer. Narrow down your choices and interview them to learn about the marketing strategies they would suggest and how those would get your home seen and sold.
Listing Your Home Online
Getting your home listed on the Multiple Listing Service (MLS) can give it a massive amount of exposure.
This is one of the advantages of hiring a professional real estate agent, who has access to the MLS and is experienced in optimizing your listing with compelling content and high-quality photos.
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Hosting Open Houses and Showings
Aside from online listings, holding open houses and showings is one of the best ways to get exposure and attract the attention of homebuyers.
An open house allows buyers to walk through and view your home, usually for a few hours on a Saturday, Sunday, or early weeknight. Your real estate agent will host the open house, sign in visitors, and answer buyer inquiries.
A showing, on the other hand, is a professionally scheduled appointment that gives a potential buyer the opportunity to tour your property. The buyer may be accompanied by your real estate agent or another licensed sales professional who has been screened and approved by your agent.
Here are some tips for a successful open house:
- Market the open house
- Place open house signs strategically
- Tour your home and clean up any clutter
- Have information about your home handy
Negotiating Offers
Knowing how to negotiate when selling your Tracy, CA, home can feel challenging, especially when it’s your first home sale. Hiring a real estate agent who has negotiated many successful deals would be ideal for you to get the most out of the sale.
Understanding Offers and Counteroffers
Home buying consists of many steps, including the buyer making an initial bid or offer on your property and your counteroffer.
As a seller, you can choose to accept, reject, or counter. In return, a buyer can also choose to accept, reject, or counter it. This strategy is used to negotiate the best price and terms possible.
Working with Potential Buyers
Price is not the only factor to consider when evaluating offers. Real estate agents can take advantage of appraisal gaps and escalation clauses to boost the sale, so you get the most from the sale.
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Closing the Sale
At closing or settlement, both the seller and the buyer sign the final ownership and insurance paperwork, and the buyer becomes the legal owner of the property.
Final Walk-Through
A final walk-through is typically done within 24 hours of settlement.
During the final walk-through, the buyer is given the opportunity to check the condition of the property and see if all agreed-upon repairs have been fulfilled. It gives the buyer peace of mind, knowing that you, the seller, have adhered to the conditions of the sales contract.
Finalizing Paperwork
Information on your closing costs will be from the title company, while the buyer will be given a Closing Disclosure, or CD, by their mortgage lender three business days before settlement.
The Closing Disclosure is a formal statement of the buyer’s final loan terms and closing costs. The buyer is given a three-day review period to check for any significant discrepancies between their CD and their Loan Estimate, or LE, which they received when they applied for a loan.
Conclusion
Selling your Tracy, CA, home can be a time-consuming and emotionally challenging experience. However, having an experienced, professional real estate agent to help you through this journey can turn this into something positive and rewarding.
If you’re ready to sell your home in Tracy, CA, give me a call today at 209-650-0525 or send me an email at office@just1realestate.com to schedule an appointment.
Frequently Asked Questions
What is the first step in selling my home in Tracy, CA?
Familiarizing yourself with the latest information about the city’s real estate environment, is the first step. This allows you to take advantage of the opportunities available to you as a home seller.
How important is staging when selling a home?
Home staging allows buyers to envision themselves living in your home, which may boost their interest and the amount of their offer.
How do I set the right price for my home?
To set the right price on your Tracy, CA, home, you should consider two things: an objective evaluation of your property and a realistic assessment of market conditions.