In a down market, whether you're selling a multi-million dollar mansion or a condo, pricing it well affects how long it sits on the market. When it's a buyers' market, time is of the essence, and the longer a house sits, the less it will eventually sell for. Especially if you have a high-quality property, don't be afraid to sandbag the listing price to garner more interest. Chances are the money you lose here will be less than if you listed it higher and subsequently reduced the price.
Tip #1: Proper Pricing
Economists, brokers and home sellers agree a mispriced home sits on the market longer, and eventually sells for less than a similar, correctly priced home. The same theory holds for trophy properties. Slightly lowballing a price upfront often results in a higher sales price, because it generates greater interest and more offers. It is also less likely to languish; when this happens, buyers wait, hoping its price will go further south. In a down market, that's a good way to go for houses that, in an up market, would have multiple offers.
Tip # 2: Employ An Internet Savvy Pasadena Realtor More often that not, realtors add enough value to the sale of your home to make up the 6% of the sale price they will receive in commission. The National Association of Realtors (NAR) estimates that three-quarters of home buyers start their searches online. The most important thing is to choose a realtor with online presence and who is familiar with your neighborhood. Search online on sites such as Craigslist.com or type in Pasadena Realtor in Google.com. Pick a realtor with heavy internet presence.
In a down market, a realtor with internet marketing knowledge becomes critical, because he or she knows how to market to not only local buyers but also to potentially thousands of buyers searching for a Pasadena Real Estate Listings on the internet. See Pasadena Homes for sale in your area.
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