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Let's Talk About Pricing Your Home

Properly positioning your property in the market can be a slippery slope. What happens if you don't get what you want? Is it worth waiting? Is what you want based on reality or wishful thinking? We've all been there, but today we're going to focus on how to get top dollar for your home.

Finding Your Top-Market Price

The first step to selling your home is finding out what it’s worth in today’s market. This can be done by contacting a real estate agent or broker in your area. They will be able to provide you with a comparative market analysis (CMA). This report will show you recent sales of similar homes in your area, as well as current listings. This will give you a good idea of where to start pricing your home.

However, this report is only half of the big picture. Your top-market price is also going to be based on the condition of your home. A home in perfect condition will be worth more than one that needs some repairs. So, it’s important to take all of these factors into account when pricing your home.

After taking these two figures into account, a smart strategy is to then price the home about 10% under market value. Why? Because this will make your home stand out from the competition. Most sellers start their prices too high, which causes their homes to sit on the market for longer periods of time.

Plus, you don’t want to scare off potential buyers with a too-high price tag. It is true that the longer a home sits on the market, the less it sells for. So, by pricing your home at or below market value, you’re more likely to get an offer sooner rather than later.

Now, just because you have started the process with a below-market valuation, doesn’t mean you are obliged to accept such an offer. It’s just a negotiating tactic. But, it will give you some wiggle room to work with when it comes time to negotiate a final price.

The Final Word on Pricing Your Home

Pricing your home can be a tricky business. That’s one of the reasons this simple negotiating tactic is often so misunderstood, even among the professionals in the industry. Without it, though, you’re more than likely leaving money on the table.

If you’re not sure what you should do, talk to a real estate agent who really knows the LA real estate market. The Shelhamer Group is a real estate company in Los Angeles that specializes in helping people buy and sell homes. If you’re looking for help navigating the LA real estate market, contact us today. We would be happy to assist you.

David Clark - 805.280.1425​

I’m David Clark, a Californian, real estate advisor REALTOR®, and writer for the Shelhamer Real Estate Group located in Northeast Los Angeles California, the fastest growing real estate market in Los Angeles County. Connect with me for further information about this article, and to add and optimize the value in your property. Look for me on Instagram: @sellingnortheastla

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Mls Disclaimer:

Based on information from the / Association of REALTORS® (alternatively, from the /MLS) as of [date the AOR/MLS data was obtained]. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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Los Angeles, CA 90042-3403

 

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THE SHELHAMER GROUP   |    DRE: 01950995

Glenn Shelhamer is a licensed real estate broker DRE: 01950995 in the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. To reach The Shelhamer Real Estate Group’s office manage please call (310) 913-9477.

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