When selling a property in California, there are many things you may do correctly and others that you can do incorrectly. How to price a property in California is one of the first inquiries we get. For someone without a real estate background, this is not an easy procedure. The reality is that contacting Berkshire Hathaway HomeServices and allowing us to assist you is the greatest method to correctly price your house. Otherwise, keep reading to discover seven of the most typical house price blunders.
Choosing a price based on a house that hasn’t sold
People frequently research other properties in their neighborhood and base their pricing on that information. Because these homes have not yet sold, this might be a major error. A person may market a house for whatever price they choose, but that doesn’t imply they’ve priced it to sell. You want to look at properties that have already sold so you can see what buyers are prepared to spend, not what sellers hope to get.
Only looking at previous sales data
Yes, you want to look at properties that have already sold, but it isn’t the only thing you want to do. The market moves rapidly, especially in California. Do not base the price of your luxury house on what similar homes sold for two years ago.
Improvements are overvalued
The fact that you invested a specific amount of money in a renovation does not guarantee that you will get the same amount back when you sell your property. Depending on the ostensible improvement, it may result in a net decrease in the value of your property.
Assuming you’ll obtain full reimbursement for your maintenance costs
Let’s assume you spend $35,000 on a new roof and $30,000 on a sewage line replacement. Isn’t it true that you should get that money back when you sell your house? You could get lucky, but most of the time you won’t. Maintenance products, on the whole, will not provide a return on your investment.
Setting a price with generic internet tools
There are several generic real estate websites that provide value estimates for each house. The truth is that it does not know everything there is to know about your home and does not examine all of the variables.
A lack of willingness to make changes
If you advertise your house at one price and then half a dozen additional homes come up for sale in your neighborhood, you may anticipate your price to drop or that you will have to wait until there is a greater scarcity of available properties before selling.
The key is working with a real estate professional who knows how to help you accurately price your home. Contact Berkshire Hathaway HomeServices at (310) 373-0021 to learn how we can help.