Home Selling in La Mesa>Question Details

Hanna, Home Seller in La Mesa, CA

What factors in pricing a house for sell? Is it only comps?

Asked by Hanna, La Mesa, CA Thu Feb 7, 2008

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Hello, having an appraisal is a good start. Testing the market is at your discretion , if someone likes the home, they will meet your price.
1 vote Thank Flag Link Sat Mar 1, 2008
Sales comparables are important but there's much more to consider when pricing a home. Location, location, location still the basic tenant of real estate. The best house in the best location usually gets the best price! When preparing your house for sale be sure that if it's not the best house in the best neighborhood then be sure it's in pristine condition....which means it shows like a model! If your house if full of clutter and the furniture is "tired", remove the clutter and consider having your house professionally staged. Good luck with your sale. Cindy Greenwald Prudential CA Realty 619/971-4584
1 vote Thank Flag Link Thu Feb 7, 2008
Hanna,

There are many factors in pricing a home for sale. A big part of it is the sales comparables. We also look at the expired listings - properties that expired without selling. Most of the time they expire because they were overpriced.

We also take a look at what is Active in the market. We take a look at how your property compares to other properties in the neighborhood. We factor in whether or not the house is updated, the quality of upgrades, etc.

Hope that helps!
Web Reference: http://www.DotChance.com
1 vote Thank Flag Link Thu Feb 7, 2008
comps are only as good as the individual who produce them. Comps can be skewed to reflect a wide range of values. The MOST important consideration is to hire an honest competent agent who is active in your area. A great agent from across town may not have the knowledge to set a fair price in your neighborhood. In real estate class one of the cliches we teach is"real estate is a local business" and the more local the better.
0 votes Thank Flag Link Fri Feb 8, 2008
I agree with everything said about comps, staging, knowing the neighborhood, all that. What hasn't been mentioned is the Agent. In this market it is imperitive that you listen to the Real Estate Professionals who "tell it like it is". If they are telling you things you don't want to hear about your home, your neighborhood, schools, etc. Don't tune them out and go on to that friendly agent who tells you everything good about your home and none of the bad. Be wary if they say, "Get ready to move, at that price you'll be out of here in 4 weeks".

If you are the one determining the Listing Price, watch out! Many agents will quickly agree and play the waiting game with you. After a period of time on the market, they know you will come around and you will agree to drop your price drastically to get any attention away from the Forclosure Buyers who are circling.

Selling a Home is a business decision right now. Just like the stock market or any other business, sometimes you make a lot, and sometimes you break even at best. People are willing to pay a fair price and avoid the REO, short sale game. Listen to those who make decisions in a business like manner.
0 votes Thank Flag Link Fri Feb 8, 2008
Comp is only a small piece of the puzzle' it's statistics and it's what's recorded on paper.

I hope you have a reputable Realtor to represent you - a Realtor who is familiar with your local market -

Who not only know the numbers on the comp but the reasons behind the comp (two houses have the same sf. # of beds baths, lot size, similar location but different prices, why? maybe one has upgrades, one not); what other inventories are on the market, and what might come on the market; what kind of buyers are out there at the time and what are they looking for, what's the broad market condition, the lending situation and such.

Also, what is your motivation as a seller? Are you in a hurry to sell? If so, you should price it aggressively, or do you have sometime to play with?

These are all part of the consideration in pricing your home. Consult your Realtor to make the best move.

Sylvia
0 votes Thank Flag Link Thu Feb 7, 2008
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
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