5 Reasons To Price Your Beverly Grove Area Home Right, And How To Do It! (Part 1 of 2)
If you are planning on moving and will need to sell your Beverly Grove, Los Angeles home, the most important aspect of selling your home will be the initial price that you set on your home.
That's right ... the initial price is the most critical aspect of getting your home sold quickly and for top market price.
Here are 5 reasons why ...
1. The INITIAL price is the MOST important because ... according to online statistics, brand new listings get 4 TIMES as many viewings in the initial week as they do afterwards. Serious buyers looking at Beverly Grove homes and other homes in the Los Angeles area are searching online every day and get very excited about a brand new listing. If you blow the initial price, the buyer who may have bought your home if it was priced right will move right along to the next, appropriately priced home, and buy that one.
2. "I want to price high to leave room for negotiation" and "we can always reduce in a few weeks." As a Beverly Grove, Los Angeles area real estate expert, I hear these lines a lot, and they sound reasonable enough, right? Wrong! Buyers are savvy and have plenty of choices in the current market climate. Agents also don't want to waste time driving their clients around and showing them overpriced homes. Remember, there will be no negotiation if your buyer never sees or puts an offer on your home. It is a far better strategy to price accurately and have multiple buyers bidding for your home ... but more on that later!
3. An overpriced home gets fewer showings and less exposure, resulting in longer than necessary time on market and a lower ultimate selling price. First, the longer the home stays on the market, the more money it costs you to hold it (pay your mortgage, property taxes, etc.). Also, the longer a home stays on the market, the more of a discount buyers will seek. Second, the laws of supply and demand tell us that the less exposure your home gets, the lower the demand, and thus the lower the ultimate selling price.
4. Pricing Your Beverly Grove, Los Angeles area home right initially is more likely to lead to multiple offers! Ever heard of eBay? Have you seen an item on eBay get into a bidding war and sell for more than it probably would have if there was only one buyer? The reason this happens is because people get emotional, excited and competitive. Price your home right and watch as multiple buyers put in offers. Price your home too high and watch as no one puts in an offer, resulting in future price reductions.
5. I almost forgot ... having your home on the market for a long time really sucks ... for everyone! Not many people talk about this, but it's very frustrating for you as the owner to have your home on the market for a long time. You have to keep it in "showing condition" at all times and you have strangers looking at your home, in the cabinets, closets, etc. at all times. Aside from the monetary issues discussed above, there is an emotional factor to having your home on the market for a long time, and the results are not good. Wouldn't it be better to price your home accurately and get it sold in just a few days, for top market price?
In my next article, I will discuss how to price your Beverly Grove are home right the first time!
Can't wait? Give me a call at 310.933.4281 or e-mail me for a complimentary, no-strings attached market analysis of your home. I'll tell you exactly what your home will sell for in today's market.
-- Danny
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