How To Price Your Home To Sell In Today's Market - PRICED TO SELL!

(818)276-6882 Listing & Selling Agent serving Burbank CA and nearby areas of San Fernando Valley , Santa Clarita Valley, Palmdale East West or Lancaster East West. 

How To Price Your Home To Sell In Today's Market?  - PRICED TO SELL

Lupe Soto Realtor agrees: The single most important factor in selling or leasing your home today is price. With so many homes on the market now, setting the "right price" is critical.

During the housing boom in Burbank CA of the past several years, some homeowners priced their properties aggressively--well above market value. That was yesterday. Today, overpricing simply turns away HomeBuyers who could otherwise afford your home (why look at homes outside your budget?), leaving your home sitting like leftovers in an overstocked fridge--stale and unappealing. On the other hand, you don't want to price your home so low you give away your equity.

If your home is priced just right, HomeBuyers--who are armed with online research and recognize true value compared to the many for-sale homes they've looked at in the area--will know your home is worth what you're asking. Ultimately it is the market--not the seller--that determines today's right price.

So, how do you set a realistic, right price? Here are (8) inside tips for serious HomeSellers & Landlords to price right in today's market:

• Recent sales. In this fast-changing market, using sales within the last three months, sometimes six months, is important. "Old" records do not reflect today's market. What a property sold for last year is old news. What properties are selling for now is critical. Also, the best comparison is actual closed sales.
• True comparables. As your Listing Agent, Lupe compares your property with similar, nearby properties. Lupe calls these comparables, or "comps." Using true comparables is key to setting the right price. Specifically, Lupe will compare "apples to apples," looking at homes that are alike in terms of location, total rooms, bedrooms, baths, square footage, style, condition, age, lot size and other factors.
• Expireds. Lupe will also check prices of expireds (properties whose listing contract ran out without a sale) and "withdrawn from market" comparable properties. These properties typically were overpriced, and the market is indicating the listing price was higher than buyers are willing to pay. Expireds provide an excellent ceiling indicator of what price is too high. The right price for your property is somewhere below comparable expireds.
• Pending sales. When price information is available we may use pending sales (contracted but not yet settled or closed escrow), because these properties offer a trend indicator to what price active sellers and buyers are agreeing right now is the right price. Serious sellers realize some pending sales fall through, and thus do not become true comparables.
• Active listings. Only closed sales truly reflect what buyers in today's market will pay. What other sellers are asking has little relation to the value of a serious seller's property. Using other listings as a guide, however, is a smart way to position your property to beat the competition to the right price, in the right condition and with the right terms.
• Appraisal. Another approach is to invest in a paid professional appraisal of value. Although a seller-paid appraisal is often unnecessary, it can be an effective strategy in a situation where the seller wants to list "under appraisal" to position a property as distinct from the competition in the area, especially where many similar properties are already for sale.
• Online valuation. Home valuation websites that provide instant price estimates tend to be the least reliable guide to the right price. Often these nationwide services have outdated data or use one-size-fits-all formulas that may or may not apply to your specific property. At best these valuations give a ballpark estimate. As neighborhood specialists we are in the best position to know what your property is really worth in today's market.
• New price. Serious sellers know if a home has been on the market for two to four weeks, but has gotten little to no traffic, this indicates the property is overpriced. Also, if there has been traffic but no offers, the price is probably too high. What's more, since the property was listed, other homes may have come on the market with prices positioned better than yours. Bottom line: Time for a new price.
  
  To find out the right price for your home in today's market in Burbank CA, San Fernando Valley & Antelope Valley, please Contact LUPE today (818)276-6882 or email lupe@HomesWithLupe.com 

ARE FORECLOSURES CONSIDERED TRUE COMPARABLES?

It depends. Simply because a property sells does not make it a comparable. Often a duress sale doesn't accurately reflect true market conditions, such as a foreclosure, short sale, estate settlement, tax sale, divorce, condemnation or other involuntary sale conditions. Professional appraisers use a standard called "arm's length." To qualify, the buyer or seller must not be related to each other or have common interests-they have each other at "arm's length"-that establish a fair market value. In a "non-arm's length" transaction, the relation-ship between the parties may cause one or the other to accept less than they are entitled to or pay more than fair market value. Foreclosures are often considered "non-arm's length" transactions by appraisers and may not be considered a true comparable. On the other hand, foreclosures do impact pricing. Some researchers report as much as a 10% discount in a property's value if a foreclosure is on the market within 250 yards. Although not a true comparable, foreclosures must be factored into establishing the right price for a property in the real world.

Lupe Soto, Listing Agent & Feng Shui Realtor for Buyers & Sellers knows Burbank CA, San Fernando Valley & Antelope Valley very well and will help you determine a realistic sales price and get your home sold or leased in 60 days or less. 

ABOUT LUPE:

Greetings from Lupe Soto, Feng Shui & Inspirational Realtor

Three priceless words are behind it all: "Inspired by Inspiration".

When you search for that perfect home, affordable condo or extraordinary investment in Los Angeles, what inspires you? Lupe Soto, Inspirational Realtor has been creating unprecedented opportunities that have earned the prestige and respect of many homebuyers & tenants, savvy investors and influential people in Los Angeles.

Whether it be a simple condo for all budgets, a pool home in Burbank or an outstanding return on your investments, Lupe Soto, Inspirational Realtor caters to all that you have dreamed of with her individual service and commitment, Lupe aspires to inspire you for life!. Through her local and national referral network and bilingual abilities, Lupe creates an extraordinary opportunity to bring first-time homebuyers, tenants & landlords, leases with option to purchase, real estate investors and sellers together. Lupe Soto, Inspirational Realtor is the ultimately matchmaking team.

In the comfort of your home you may preview a large share of San Fernando Valley, Santa Clarita Valley & Antelope Valley most inspirational properties listed for sale or lease for all budgets!. Use my complimentary, comprehensive and convenient search tool to see affordable real estate in Burbank, San Fernando Valley, Santa Clarita Valley & Antelope Valley.

To contact Lupe please call (818) 276-6882. Lupe speaks your language and look forward to hearing from you!


The following is an inspirational thought!.  Think about this and have a great weekend!

Build upon what you build

You may not think you have what it takes to persist in your efforts for long periods of time. Yet all you must do is persist for just a moment, and then another moment, and then another.

The energy necessary for achievement is never going to be fully available to you when you begin. But go ahead and begin, and that energy comes to you as you require it.

Do not be dismayed at how long the journey will take. Instead, be thankful and enthusiastic about the one particular step you can take right now.

Success creates its own capacity for fulfillment as it moves along. Your job is to keep moving it along.
Give your best to the task at hand. That will prepare you and equip you for the next task, and the next.
Build what you can with what you have, and then build upon what you build. In this simple, steady, accessible way, whatever you envision is within your reach.

-- by Ralph Marston