Location, Location, Location or Price, Price, Price!

Ever since I was a kid, I always heard the most important thing about real estate was Location! Location! Location!, and location is still very important today.  But, it seems that location is taking a backseat at times to Price! Price! Price!  In this market, you could have the best location in the world, but if it is not priced right, it won't sale!  Now more than ever with so many homeowners dealing with financial hardships, pricing your home right is imperative.

Statistics are showing that we have about an 8 month supply of homes on the market right now.  Although that is better than the 10-12 month supply we had, it is still above the 4-6 month supply that shows a balanced buyer/seller market.  So, it is safe to say we are still very much in a buyer's market, and buyers are taking their time and comparison shopping.  They will not pay more for one home than they can pay for another similar one down the street. 

The price of your home must attract enough attention to buyers to get them to look at your home and write an offer.  Your home has many different values to the tax collector, the lender and insurance companies, and to you.  It also has 'market value' to prospective buyers.  The best price can only be determined by testing the market and challenging the  competition.  The market dictates the value based on current conditions, number of home buyers, etc.  The best way to estimate that value is with a Competitive Market Analysis. 

Buyers do 'comparison shopping' and the Competitive Market Analysis focuses on properties on the market competing for buyer attention.  You have to look at the recently sold market data that reveals what buyers have actually paid for similar properties, homes currently for sale that shows properties competing for buyers' attention right now, and homes that did not sell to demonstrate what buyers have not been willing to pay under current market conditions.  Once you have, you will start to get a pretty clear picture of what the realistic market value is on your home.

The higher a property is priced above realistic market value, the more time it will take to sell and the less interest it will attract.  If your property is priced right, more buyers will be interested when it first hits the market.  Since mortgages are based on fair market value, not the sale price, more buyers will be able to consider your property when it is priced competitively.  Plus you limit your risk of having your home fail to appraise at fair market value which will either force the buyer to make up the difference in cash or cause the sale to fall through.

I know for sellers this can be quite an intimidating process.  That is why it is so important to use a Realtor that you can trust.   Coldwell Banker Real Estate ranked 'Highest Overall Satisfaction For Home Sellers Among National Full Service Real Estate Firms' according to the J.D. Power and Associates 2009 Buyer/Seller Study^TM.   Coldwell Banker Prestige Properties in Escondido, CA has the experience and expertise to help you sell your home for the best price and in the shortest period of time in San Diego.   We specialize in helping YOU buy and sell homes in San Diego with an emphasis on golf course properties, custom homes, ranches, and land in Escondido, Hidden Meadows, San Marcos and Valley Center, CA.

Begin your search today for San Diego real estate, San Diego homes for sale at Coldwell Banker Prestige Properties. 

Ellen Molla

Owner/Broker 

Coldwell Banker Prestige Properties 

Visit us at  www.findinghome.net

760/613-4396 Cell

'Now with offices in Escondido and Valley Center!'