Overpricing Costa Mesa Real Estate

 

Overpricing Costa Mesa Real Estate is one of sellers top mistakes when going on the market.

A common mistake when pricing Costa Mesa real estate is to “shoot for the stars” and to see what the top dollar your Costa Mesa home can sell for in the marketplace. For most people, their home is their greatest single asset, so it is normal to want to price it high.

In today’s market, that can be a very big mistake.

Here’s a quick list on why not to overprice your Costa Mesa real estate:

• Bad first impression leaves buyers with bad taste
• Most buyers have already looked around and know price/market
• Buyers won’t want to negotiate with a perceived unrealistic seller
• Realtors think price is unrealistic and will not show property
• Buyers think price is too high and gloss over listing
• Difficult to have people come back
• Listing has a stigma attached to it
• Listing gets stale, with little to no traffic
• If offer does come in for seller over-inflated price, will it appraise?

Think this doesn’t happen? It happens to a lot of Costa Mesa real estate agents. It happened to me this year. In my example, it was a case where a seller had fallen into a debt situation and was trying to dig out by selling the home. That can be a great strategy for shifting assets/money around, but overpricing it by more than 20% had dire consequences. I think we hit every one of those bullet points up there. Even if we were to get an offer, I fully believe the appraiser would have come out and shot the price down, putting us back to square one.

What should you do when pricing your Costa Mesa real estate? Price it right. At least price it closer to comps, and if you do have a unique aspect to your home like a big lot, or an incredible view, or something like a spectacular pool, then adjust the price accordingly and not to shoot for the stars. Most of all, listen to an experienced Realtor.

If you need advice or are thinking of selling your Costa Mesa real estate, call Broker Colin Delaeny @ 714) 743-9882.