The Price is Right - Savvy Home Sellers Accept the State of the Market

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Real Estate Agent with Ramsey-Shilling Associates 01831063

The Price is Right - Savvy Home Sellers Accept the State of the Market

Toluca Lake Real Estate

 

When it comes to selling your home, there are many questions to ask. One of the most important questions has to do with whether or not you can accept the current state of the market and price your home properly. Human nature being what it is, many home sellers make the common mistake of over-valuing their property. Sure, there may have been a lot of living in the home, perhaps hands-on personalization and many wonderful memories, but this does not increase the market value in most buyers' eyes. In the end, a real estate transaction is business; the less emotional one is about the pending sale (while difficult) the more successful one will be.

Savvy home sellers are aware of these points. They listen closely to their agent's description of the current state of their market, carefully review presented comps and make pricing decisions accordingly. Over-pricing a home in hopes it will miraculously sell well above market price is a mistake. Subsequently, chasing the market with reduction after reduction is a frustrating and many times futile exercise. The listing may be perceived as stale or problematic to potential buyers even with price reductions. While the home may eventually sell, isn't the primary objective of most sellers to sell their property as quickly as possible for the highest price the market will allow? I know that is my objective when it comes to my clients. Pricing the property correctly the first time not only typically moves a home more quickly, it could actually enhance the seller's bottom line.

In the Toluca Lake - Burbank West markets, I've observed competitively priced properties sell fairly quickly and sometimes with multiple offers. Multiple offers? Wow! How does that happen and could you, as a seller, find yourself in a similar situation? Why not? This is not about setting an unrealistically low, ridiculously below market offering price but about careful research and market knowledge. Today's buyers are educated and a multiple offer situation may be catalyzed by setting a sales price merely a few percentage points below market. In the end, sellers: know the current condition of your market and nearby competition. Resist over-valuing your home even though it may seem tempting. Trust your Realtor® as they are here to guide and empower you. If you are not satisfied, let your agent know and talk it through - communication is key. And finally, accept reality whatever it may be. If you are underwater, contact a real estate professional for assistance. We truly are here to help!

 

 

 

Posted by

Toluca Lake Real Estate Agent

Risa Liebster, Realtor BRE #01831063 | Ramsey-Shilling Associates 818.397.9188

Toluca Lake - San Fernando Valley - Los Angeles Real Estate www.TolucaLakeRealEstate.net | www.TheHillsandValley.com

If you or someone you know is looking to purchase or sell real estate in Toluca Lake, Hollywood Hills, Burbank, Studio City or an adjacent area of Los Angeles, California / the San Fernando Valley please don't hesitate to contact me. I would love to help make your dreams come true!

 

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Ralph Gorgoglione
John Aaroe Group - Los Angeles, CA
California Real Estate (800) 591-6121

I'm having some issues right now with sellers in the higher price ranges properties being in touch with the current market's pricing.

Jun 27, 2010 04:03 AM #1
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Risa Liebster
Ramsey-Shilling Associates - Los Angeles, CA
Toluca Lake Real Estate

Ralph - That is frustrating. Hopefully they will come to their senses. Best of luck!

Jun 27, 2010 04:37 AM #2
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Robert (Vegas Bob) Swetz
REALTY ONE GROUP - LAS VEGAS, NEVADA 702.443.7156 - Las Vegas, NV
Commercial & Residential Real Estate Agent

Hello Risa and it is difficult for sellers knowing that their homes were worth so much more money years ago and that around 5 years from now their homes will be worth more money. We live in a Country full of change and we have to learn to change with it!

VB ;-)

Jun 27, 2010 11:50 AM #3
Rainmaker
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Risa Liebster
Ramsey-Shilling Associates - Los Angeles, CA
Toluca Lake Real Estate

Bob - Yes, this change must be accepted. The good news is history has proven time and again that over the long haul, perhaps 8 - 10 years, a home's value will increase.

Jun 27, 2010 04:48 PM #4
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Risa Liebster

Toluca Lake Real Estate
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