Pricing Is Key To A Sale
Posted by David Rosenfeld on Mar 2, 2013 - 5:01:38 AM
LOS ANGELES—Selling your home is always going to be an emotional experience. Leaving the place you’ve called home for years and where your children may have grown up is never easy. So once you and your family decide it’s time to put the place on the market, make sure you put your emotions aside and get real about your potential asking price.
Remember, there is no crying in baseball… or real estate.
There simply is no room for emotionalism or sentimentality. Buyers are not going to care about the cute rumpus room you created for the kids and how big a part of the family it was. To them, it’s just a room that may not necessarily add value to the home.
So when you remodel, think about whether you want to enhance the re-sale value of the home or whether you simply want to make improvements that are more suited to your family. It’s important to know this in advance since once you make your improvements, they may not add value to the home’s re-sale price. That’s why I always suggest that if you want to increase re-sale value with an improvement, spend a few bucks and hire a home designer who will walk you through what you need to do to add value.
Once you hire a real estate professional discuss with him or her how much you want for the property and see if the amount you have in mind will help or hinder your efforts. My advice is to keep the price low so you can get more people interested in the property. Never price your home at the top of the market or you’ll end up with a nice open house with nobody there except for your lookyloo neighbors going through your closets.
So keep the price low. It may sound like common sense, but oftentimes, sellers become too emotionally involved in their properties and don’t think clearly when it comes to a selling price. Don’t get emotionally attached. It’s a piece of property. Not a human being. Remind yourself that the sale of the property will benefit you and your family, so don’t make it harder by pricing it too high.
We all think our home is better than our neighbor’s, but you have to be pragmatic when it comes to a sale price. Make it easier on yourself and your broker. Keep the price low and reasonable. Other agents want the best price for their clients and you have to appeal to them with a good sale price.
If you want to sell your home fast, your best bet is a very low price with lots of curb appeal. It’s a great market out there – not quite as good as 2007 – but it’s improving and there really is no better time to sell than now.
Even as the economy is slowly recovering, real estate is strengthening across the country – faster in some places than others – and buyers are looking for their own dream properties such as yours. So don’t fret about whether to sell or not. You WILL find buyers in this market for your home or cottage. It’s a matter of time and the right price.
David Rosenfeld is a Real Estate broker and president of Advantage Real Estate, a Real Estate and investment firm in Santa Monica, and a Rotary Club member. He has more than 20 years experience in commercial and residential property investments and financial counseling. He can be reached at 310 450-4488 and at firstname.lastname@example.org.