“Get the maximum price and the best terms during the window of time when your home is on the market”.
How to price your house to sell – Find a Balance Between Too High and Too Low
When setting a list price for your home, you should be aware of a buyer’s frame of mind. If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. Compared to other houses for sale, your home simply looks too expensive to be considered.
Even if you do find a buyer willing to pay an inflated price, the fact is that over 90% of buyers use some form of financing to pay for their home purchase. If your home won’t appraise for the purchase price, the sale will likely fail.
The longer your home sits on the market, the more buyers will think “What’s wrong with that house”? Your over priced home makes your neighbors house seem like a bargain. So, you are actually helping the competition.
Price Against Comparable Sales in Your San Diego Neighborhood
How to price your house to sell? – No matter how attractive and polished your house is, buyers will be comparing its price with everything else on the market.
Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your San Diego neighborhood. I will furnish data on sales figures for those comparable sales and analyze them to help you come up with a suggested listing price. The decision about how much to ask, though, is always yours.
Competitive Market Analysis (CMA): The list of comparable sales I bring you, along with data about other houses in your neighborhood that are presently on the market, is used for a “Comparative Market Analysis” (CMA). To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices.
A CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. Also, an appraisal is done for a fee while the CMA is provided by me and may include properties currently listed for sale and those currently pending sale.
If You Price High, Set a Schedule for Lowering the Price
Some sellers list at the rock-bottom price they’d really take, because they hate bargaining. Others add on thousands to the estimated market value “just to see what happens.” If you want to try that, and if you have the luxury of enough time to feel out the market, we can sit down and work out an advance schedule for lowering the price if need be.
If there haven’t been many prospects viewing your home after three weeks, you may need to lower your list price. Plan on doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you’re tempted to dig your heels in. Contact me to “Price your house to sell” !