|Selling Your Home in Redondo Beach CA?|
I list and sell a lot of homes in Redondo Beach. In fact, according to Zillow, I'm about the most active agent and neighborhood expert whatever that may mean.
The most common question I get as a listing agent is most likely "how much is my house worth?". And truthfully, that's a loaded question. A better discussion might be "what is the anticipated final sales price and how do we get there?". Let me explain.
Price, worth, value and other similar words may not have much weight in the equation. What we really are driving to is a final sales price and a strategy to achieve that. And make no mistake, the right strategy will get you a higher final sales price. Guaranteed.
When listing your home, I try to have clients focus more on that final sales pricing than list price. And the way to get there is by analyzing the sales to list ratios, buyer perception, appraiser perception and other factors.
First thing I would recommend to Sellers is let's look at the price range for both your home and the neighborhood.
If the inventory in your neighborhood, price point, or property type is low and there is high demand, your best strategy is what I call "event" pricing as in create a listing event with a mega open house and a price to get the buyers in. Your goal is multiple offers and over bids. And very, very favorable terms.
So here's an example.
Similar homes to yours are selling for $750,000. Don't price yours at $850K to "leave room to negotiate". Price it at $699K to get a lot of showings and enthusiasm. It will get overs and bids. And if not, you can always raise the price a few weeks later. Really.
But let's say there are other listings similar to yours including some that have been on the market for a while with price reductions. Best strategy in this situation is what I call market perception pricing. It has to be a good deal compared to the competition. So, in that case you might price at $729.000.
Lastly is "aspirational" pricing. This is for the situations where there are no direct comps, your home has some more desirable features that have value but are hard to quantify. That's where you price higher to see what the market will bear. You might be at $799,000.