It was overcast in Los Angeles yesterday, so having the afternoon free, I headed to Artisinal LA with my friend, Nancy. Held indoors at The Reef (formerly the LA Mart) in Downtown LA, the event was well organized with hundreds of people enjoying the tasty samples and enjoying the market atmosphere. The vendors offered different types of breads, cookies, candies, soups, sauces and plants and the theme was locally grown, organic, pure ingredients, gluten free, hand made products. It was fun to stroll around, and talk to the various Artisinal LA vendors, although my friend remarked that not too many people were walking around with bags of purchases and this may have been because many the items for sale were priced high.
It led me to thinking how correct pricing is so crucial; although the goods were of the highest quality ingredients and truly delectable, the vendors could have sold more volume had the goods been priced slightly lower.
The same principle applies to the way some sellers price their properties for sale: too high, and they'll miss their market. These properties are admired online by prospective buyers and possibly viewed at an open house or a private showing, but the excitement and sense of urgency isn't there because no one wants to overpay even in this hot market of low interest rates and low inventory.
You just can't go wrong by pricing on the sweet spot in line with other recent sales, or even slightly under the market; worst case scenario you'll sell for your asking price, or even better, get multiple offers that will push the price up above the asking price! Pricing isn't an exact science, but an experienced realtor who has your best interests at heart will be able to look at the whole picture and guide you when it comes to the correct list price - trust your realtor!
If you live in Los Angeles, Artisinal LA is going on today, Sunday, April 26th, through to 6pm and it's well worth the entrance fee - I bet you won't be able to eat just one ginger cookie!