California is a great place to live. When you own a home and are looking to sell, pricing your home may be the most difficult, and the most important thing you do during the entire process. There are a lot of different factors that go into pricing a home, and talking to a professional real estate agent will be beneficial.
Different housing markets will require different pricing strategies. If it is a buyer’s market, the pricing strategy will greatly differ from when it is a seller’s market. If there is not a lot of inventory on the market, your home should be priced accordingly.
There are times when you should price your home above its value, and there are times when you should price it below. It all depends on the market, and your goals as a seller. It also depends on the price point of your home as to what strategy you should use.
Is your home a single family home? Is it a Condo? Different property types require different strategies, too. If you price your home too high, it might deter potential buyers from making an offer which will increase the time your home will be on the market. This could cause you to have a price reduction, and end up getting less than you would have had you used a strong pricing strategy.
If you price your home too low, you could potentially attract buyers that cannot qualify for your home, which would still keep your home on the market longer. The longer your home is on the market, the longer you have to come out of pocket with your mortgage, taxes, utilities, and other fees associated with your home.
Hiring an agent to help sell your home is your best choice. Your pricing strategy is very important, and you want it in the hands of a knowledgeable professional. Your agent should not tell you what you WANT to hear, but should be able to back up their strategy with analytic market data. Make sure your agent has a good track record of effective price strategies so that your home doesn’t stay on the market longer than it needs to.
When you are ready to buy or sell a home, we at Haylen Group are here to help you with all of your real estate needs! If you are unsure what your options are, call Helen Chong at (408) 800-LIST or email at Helen@HaylenGroup.com. You can also visit us at our website for available listings and additional information.