Pricing Key for Real Estate Success
Real estate is far from an exact science. That’s what’s good and that’s what is certainly frustrating about Costa Mesa real estate. Can you get more for a property? More than the last one sold for? Sure! Of course you can. Until the buyers get there. And the appraiser. And public opinion at an open house. Those last three can kill an asking price. It is hard to find the right price in Costa Mesa real estate. Really hard.
So how do you go about pricing your home so that it is well received by the market, and still gets you the best or highest price possible? Price it right. Price it right from the start.
Most sellers think that their homes are nice. That’s fair. We all think our homes are nice. But pricing 10% higher than the last sale just doesn’t work, no matter how nice your home is.
The Big Three – The Right Price in Costa Mesa Real Estate
Let’s look at the three most important groups who view your home:
1. The Buyers – By the buyers, I mean those looking for a home and actively in the market. This is the most important group in Costa Mesa real estate that you don’t want to offend. Why? They know the market. Even more than a lot of realtors. They know what the right price in Costa Mesa real estate is. Trust me. They have seen on average more than 60 Costa Mesa real estate homes online, in open houses, and making appointments to see homes. They research now more than ever online first, then come out to see Costa Mesa real estate homes. They REALLY know what things are worth. They also have access to sold data, which used to be a realtor only data set. Do they KNOW what your home is worth when they see it? Yup, they sure do… they probably know better than the seller does. This is the group you don’t want to offend. They are ready to pull the trigger, and if you are priced close to what your home is worth, they will buy it. And quick.
2. The appraiser – You’ve probably seen a funny photo of how a lender or how an appraiser sees your home. They think it looks like a shack, and you think it’s the Taj Mahal. Trust me – an appraiser gives you no wiggle room. They look closely at the other recent (6 months) sales in your neighborhood. You’ve really got to compare apples to apples. You can’t compare your home to one a few miles away. That doesn’t work. If you get too low of an appraisal, you’ve just killed the deal. The buyer is ticked, they want a price reduction (or want to cancel) and you as the seller are annoyed. You already thought your home was sold, now you have to renegotiate….not fun.
3. The public – Your neighbors, the people who look at it online, the guy at the grocery store. Guess what? They don’t know the market. I have neighbors come into open houses all th time and ask why we aren’t asking more for the home. I tell them it is all the market can bear. They don’t get it. Don’t be swayed by your neighbors or the public, they don’t live and breath prices like buyers or local Costa Mesa real estate agents. Let then go to the fair 🙂
Call somebody who knows.
Want a free market analysis on your home? I’d be happy to talk to you. Call Colin at 714-743-9882 or email me.
The Right Price in Costa Mesa Real Estate