Are You Making a Massive Pricing Mistake as a Seller?
As a real estate professional, I see many sellers make the same mistake when it comes to pricing their property and it can be a costly mistake. Here are some common mistakes sellers make when pricing their home to go on the market.
Overpricing. The biggest mistake sellers make is thinking that their property is worth more than it actually is. Overpricing can be due to emotional attachment or lack of market knowledge. Overpricing your property can lead to long periods on the market, lower offers, and missed opportunities to sell.
Underpricing, by using only the local comparable sales, from over the past months. When those homes were sold, the market conditions may have been far different than they are right now. So, you must also consider the current market dynamics, including supply & demand, interest rate changes, the absorption rate and more. Not doing so can result in you losing many thousands of dollars, needlessly.
Another is ignoring market conditions. Real estate markets are constantly changing. That is why it is so important to know what is happening locally in your area.
I also see sellers not considering their competition. Take a look at what surrounding properties in your neighborhood are selling for. Be sure to look at condition, upgrades, location, age, lot size, views, and the like. This will give you a good idea of what buyers are willing to pay for a property like yours.
Not factoring in necessary repairs. If your property needs repairs or upgrades, it is important to factor that into your asking price. Buyers will expect a lower price if they know they will have to make repairs after they move in.
Bottom line, the key to successful pricing is to be well informed of your market area and conditions and understand the competition to avoid costly mistakes.
Connect with my team and I today so we can give you a complete analysis of the market and your home value. With over 2,200 successful San Diego home sales, across 67 different communities, we have the knowledge and expertise to help you derive the very best outcome-based on your housing goals.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!