Choosing the right listing price for your North County San Diego home can make you feel like Goldilocks. You don’t want to price too low. You also don’t want to price too high. In fact, it’s critical to price your home just right in order to maximize your return on investment. Even though we’re in a seller’s market, it’s still essential to be smart about determining the price of your home. Let’s take a closer look at why it’s so important.
Why pricing too high is problematic
Across the nation, the housing market is experiencing a shortage of inventory. That means there aren’t enough homes for sale to meet demand. While you may think this means you can price your home sky-high, it’s actually important to exercise caution. Today’s buyers are very savvy and can easily see when your home is priced above the competition. This could mean your home could sit on the market for too long. Eventually, you may need to offer a price reduction. This could cause buyers to worry that there’s actually something wrong with your home. In addition, pricing too high may mean that your home may appraise for less than the buyer’s offer. This could derail your sale if it keeps your buyer from securing a loan.
But pricing too low is also a problem
On the other hand, pricing too low can also cause problems. First of all, you could be leaving thousands of dollars on the table. And again, today’s buyers can easily search homes for sale online and quickly see that your home is priced below the competition. This could also lead them to think there are issues with the home that warrant the low price. While pricing low in a seller’s market is less risky than at normal times (given that it could spark a bidding war), it really isn’t worth the potential downsides.
How to find just the right price
So how do you find just the right price for your North County home? It’s a little bit of art and a little bit of science. These are some of the things that our agents will look at to help determine the price of your home:
- Comps in the area – we’ll take a look at recently sold homes in your neighborhood that are similar to yours to find out what they ultimately sold for. These include homes that are of a similar size and have the same kinds of amenities as yours does.
- Current market conditions – As we’ve said, we’re in a seller’s market. This gives you a little wiggle room when it comes to determining the price. You may be able to ask as much as ten percent more than recently sold comps in your area if the market is competitive.
Get a free estimate of the value of your North County home
Would you like to know the value of your North County home? You can find out by simply plugging your address into our website and answering a few simple questions. In just 35 seconds you’ll get a comprehensive report about the value of your home. Best of all, this report is FREE and there is no obligation.
Contact the Clark & Gilman Team today
The Cristine Clark & Jamie Gilman Team are experts in North County San Diego real estate, and we’ve sold one home every 3.3 days since 1997. We can help you determine just the right asking price for your home to deliver you the best results. Contact us today at 760-758-1211 or [email protected] to get started!