Price is KING

By
Real Estate Agent with Mountain Top Producers BRE# 01888377

What I am noticing these days in my local market is that when it comes to selling a house to most buyers, it is all about the price!  Buyers realize that they can get so much more for their money, so they will search only those listings that are priced the most aggressively.

CAR reports that the time it takes for houses to sell has increased year over year.  According to the California Association of Realtors website:

  • The median number of days it took to sell a single-family home was 61.8 days in January 2011, compared with 32.9 days for the same period a year ago.
  • What this means for us agents is, we owe it to our sellers to give them a clear picture of a realistic selling price.  I often see listings hit my MLS and think, "do they really not want to sell this?"  We must make an assessment of our selling clients before we write up a listing contract.  Some folks do just want to 'throw it out there' and 'see what happens'.  In that case, kudos to you who take their over-priced listings.  I, however, often hear from sellers that they don't understand why their former agent could not get any offers on their house. 

    I like to take a pro-active stance and send regular CMA reports to my sellers.  They get updated sales reports every few weeks.  If they really want to sell, they don't need me to tell them about pricing their house right, they can see it for themselves in the numbers.

    If you price it right, they will come!

    Comments (6)

    Melissa Zavala
    Broadpoint Properties - Escondido, CA
    Broker, Escondido Real Estate, San Diego County

    Many believe that cash is king. But, yes, a good price will bring lots of buyers.

    Mar 07, 2011 04:06 PM
    Michele Norris
    Crystal Realty - Incline Village Nevada - Incline Village, NV
    ((( Buy or Sell, Call Michele ))) Lake Tahoe NV

    Amy.

    Great post. Whatever happened to location, location, location, anyway? Are the cash kings going to own everything soon?! It appears we're heading that way. Just look at markets like Las Vegas--over 50% cash buyers, mostly investors.

    Mar 07, 2011 04:10 PM
    Vickie Nagy
    Coldwell Banker Residential Real Estate - Palm Springs, CA
    Vickie Jean the Palm Springs Condo Queen

    I think that it's important to get buyers under contract and rates locked soon. I am concerned about rising rates!

    Mar 07, 2011 04:18 PM
    John Michailidis
    Real Property Management of Sarasota & Manatee - Sarasota, FL
    Real Property Management of Sarasota & M

    I think that's the way it's always been Amy.  This is a "price" game we play . . .

    Mar 07, 2011 05:07 PM
    Dan Edward Phillips
    Dan Edward Phillips - Eureka, CA
    Realtor and Broker/Owner

    Good Morning Amy, the last line of your post say's it all.  Just "price it right"!

    Mar 07, 2011 10:12 PM
    Amy Sharrow
    Mountain Top Producers - Running Springs, CA

    I am afraid of the same thing that Michele has noticed. Full cash offers are coming in from everywhere.  Where were these people hiding their money??

    Sellers have to be aware that their competition is banks, banks who have already taken a hit on their asset so they are willing to price at rock bottom. 

    Vickie - you are right about rates creeping up.  Lock 'em in!

    Mar 08, 2011 04:44 PM