The Key to Selling is Pricing it Right

The LA Times had a good article in the Sunday Real Estate Section by Diane Wedner this week. Anyone who is thinking of putting their home on the market right now should 'read it, learn it, live it,' to paraphrase Judge Reinhold in Fast Times at Ridgemont High. The article's subtitle says it all: "The first step on the fastest route to 'sold' is setting the right listing price." It goes on to say, "Savvy sellers take note: It's all about pricing, pricing, pricing. Not last year's. Last month's."

This is key advice, advice that some sellers resist. As Syd Leibovitch, a broker in Beverly Hills says, "When you've done everything to make the house desirable and it's accessible to buyers, but they aren't choosing it, then we know what the house is not worth. It's time to lower the price and make sure you out-compete others in the marketplace."

Of course, that price reduction comes after the house has sat on the market for a while. Reducing the price can be considered a salvage strategy. But if you want to get your house sold quickly, a far better plan is to study the very latest sold comparables, and then price your home a bit lower. The article makes the point to price your home close to amount you are willing to accept. Want some advice on Southern California real estate. Feel free to give me a call.