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Site by Lanexa.net
Pricing Your San Francisco Home to Sell
The price you ask for your San Francisco home has a greater impact on buyer interest than any other factor. It’s easy to worry about losing profit by pricing too low, but over pricing can have a much worse effect. The more buyers you get viewing your San Francisco property, the more likely it is to sell quickly and for the full asking price.
Fewer buyers consider over-priced properties, which may lead to price reductions. This can give buyers a negative impression of your home’s value, or imply that it has problems. It’s far better to price your home right than to arrive at an appropriate list price after having started too high.
Market value is the golden rule for selling your home. Pricing slightly below market value increases buyer interest, while pricing above market value reduces it. Your agent will perform a Comparative Market Analysis, which examines similar properties currently on the market or recently sold, along with their list and final selling prices. These prices, measured against the list prices of homes competing for your buyer pool, will determine the right price for your property.
The Pricing Pyramid below illustrates the correlation between buyer interest and the price of your home.
Reaching more potential San Francisco buyers means finding an actual buyer more quickly. Studies show that first five weeks on the market is the window during which the most profit can be made on your home—especially weeks three, four and five.
A San Francisco home priced too high will most likely sit on the market beyond this critical period, and become a “stale” listing. When this happens, it can appear to buyers that something is wrong with your home and that it has a history of rejection. This has a negative effect on buyer interest and reduces the chance that someone will make an offer.
The graph below illustrates buyer interest activity across certain weeks on the market.
Pricing your San Francisco home correctly from the start can make the difference between a quick rewarding sale and a stressful unpleasant experience. Your South Beach Real Estate agent is happy to provide you with a Comparative Market Analysis and listing presentation that details how best to price, prepare, and market your property for sale. Contact an agent today!
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