How Important is it to Price
Your Costa Mesa Home Properly?
You may have heard that one of the most important things you can do is price your Costa Mesa home properly, but you’re probably wondering if you can’t squeeze a dollar or ten thousand more out of your home. This can’t possibly be a bad thing can it?
There are a few problems with this idea.
1. The Honey Moon Period
Homes are most likely to sell in the first 30-60 days for the highest amount of money.
This is the time when the most number of people are likely to come through and view your house. The active buyers are keeping an eye on every new Costa Mesa home that comes on the market, and if yours is priced well, looks good on line and is effectively marketed, you should see a flurry of activity.
If your Costa Mesa home is well-priced and presented, you might even see an offer or three in the first week or two on the market. That could even start a bidding war, but don’t get too excited by that prospect in the current market.
2. Getting Stale on the Market
If the Honeymoon Period is the start of something wonderful for your Costa Mesa home, then Getting Stale is one of the worst things that can happen, at least as far as price and time to sell the house is concerned.
You will know your Costa Mesa home has gone stale when you stop seeing people coming through your house to view it. You may wonder what has happened. It’s likely that the newness has worn off and the majority of the active buyers have either seen it or decided against it.
When a Costa Mesa home gets stale, the likely result is that the price will need to be reduced in order to be sold, and even when you reduce the price, there is not likely to be as many people seeing it as there were or would have been in the Honeymoon Period. Therefore, you may have to continue to reduce the price and finally sell the Costa Mesa home for less than you would have if it was priced well originally.
The Proof is in the Pudding
So, what happens when the Costa Mesa home is priced properly?
We just sold a Costa Mesa home that closed escrow in 51 days. Other homes that have sold in the same area since the beginning of the year were on the market for an average of 94 days, and homes that are still for sale have been on the market for an average of 110 days.
Still concerned that you might be leaving money on the table? That we might under price your Costa Mesa home? We are confident that the home was well priced because we received several offers on it in just 8 days and accepted the best.
Our staff appraiser, our team’s lender and I reviewed the listing price for the Costa Mesa home prior to marketing, and were confident that we could defend the value. This was proven when we sold at 100% of list price (when the average sales price is 93% of listing price). The fact that no money was left on the table was further indicated when we had to go through review with thebuyer’s lender who was concerned that the price might be too high. However, the value of the Costa Mesa home had been carefully reviewed by our team prior to putting it up for sale, and we were able to back up our value and get the highest price for our client in the shortest period of time.
Would you like to learn more about our 198 point marketing plan to help you sell your Costa Mesa home for the most amount of money in the shortest period of time? Please contact Christine Donovan at 714-319-9751.