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Utilizing Competitive Pricing
Today I wanted to approach a topic that a lot of my San Franciso clients have been asking about. A trend that I have been noticing lately is something that can be taken in two different ways.
Today I wanted to approach a topic that a lot of my San Franciso clients have been asking about. A trend that I have been noticing lately is something that can be taken in two different ways.
- I'm seeing price reductions: This isn't something that we have been seeing in the Bay Area. The market has been so hot that most people expect homes to sell for any price. However, this makes me wonder if the market is slowing down or if sellers just aren't listening to their agents.
- What I am inclined to believe is that sellers are not taking the advice of agents and are failing to price their homes accurately and attractively.
- If you start your property too high, the market will look at you as a greedy seller, and buyers will literally shun the property. From this point, the seller has to drastically reduce the price to even get attention back from the market.
- If you price at or just a hair below where the last sales have taken place, you will actually be giving the market momentum to drive your price up into a new market value. The market won't let you sell too cheap, but it will let you overprice, so you want to avoid wearing the scarlet letter.
My advice is to look at the San Francisco market and look at how people are strategizing and pricing. Also, find an agent that can tell you if you're overpricing and who also has a good feel for the nuances of the market here in the Bay Area.
If you ever need any advice about how to price your home to sell for top dollar, please contact me. I would love to arrange a time for us to sit down and discuss these things. Consider me your #1 resource for real estate in the San Francisco area.
