Summer is heating up and what better place to live than Kensington and Talmadge? Pricing is heating up too and values are holding strong in these desirable metro San Diego communities! I thought I would offer a few tips in pricing a home, in the event you are considering selling sometime soon.
Prices are ever on the rise, with multiple offers a frequent occurrence. It is important to keep in mind that although there is a huge pool of buyers due to the lack of inventory, they are also very aware of what is happening to prices as well. I caution you as a seller to price over the last recent sale price of a property that may be most similar to yours. By keeping your asking price in line with the recent sales, buyers will know that you are realistic and your price will actually look more attractive to them.
The more attractive your price looks to the open market, the more offers you may generate. The more offers you generate, the higher demand you create, ultimately resulting in the highest value the market will bear…sometimes and often over the asking price.
I often work with sellers who would like to push the price higher than the recent comparables. It is true that in this market, we sometimes are able to find buyers willing to pay a price that just doesn’t make sense due to the unique and special features a home may offer and/or an emotional draw to the property. In this case, I always encourage my clients to push price for a period of time but don’t sit on it if you don’t have much activity. In this market, you should be flooded with showings in the first week. If you are not experiencing this, you may be priced too high and should anticipate adjusting quickly to take advantage of today’s buyers, who are benefitting from today’s interest rates.
I hope this is helpful to you as you prepare to navigate through this ever-changing real estate market. If you should like a private consultation on the value and pricing strategies of your home, please give me a call at 619-944-2798. I would be happy to meet with you and put together a customized analysis and strategic plan to get your home sold for the highest value!