When it comes to selling a home in California, there are a lot of things you can do right and a lot of things you can do wrong. One of the first questions we hear is about how to price a home in California. This is not a simple task for someone who does not have a real estate background. The truth is that calling Berkshire Hathaway HomeServices and asking for our help is the best approach to price your home effectively. Otherwise, keep reading to learn about seven of the most common home pricing mistakes.
Setting a price for a home that hasn’t sold
People usually conduct market research on other properties in their area and base their price decisions on that knowledge. This might be a significant blunder because these residences haven’t sold yet. A person may list a home for whatever price they choose, but that doesn’t mean it’s priced to sell. You should look at houses that have already sold to evaluate what buyers are willing to pay, rather than what sellers hope to obtain.
Just looking at prior sales data isn’t enough
Yes, you want to look at houses that have already sold, but it isn’t your primary goal. Particularly in California, the market moves quickly. Do not base the price of your luxury property on the sale price of similar properties two years ago.
The value of improvements is exaggerated
The fact that you spent a certain amount of money on a renovation doesn’t mean you’ll get the same amount back when you sell your home. It may result in a net decline in the value of your home, depending on the ostensible improvement.
Assuming you’ll be reimbursed in full for your maintenance expenses
Let’s say you spent $35,000 on a new roof and $30,000 on a new sewage line. Isn’t it true that when you sell your house, you should get that money back? You could strike it rich, but chances are you won’t. In general, maintenance goods will not deliver a return on your investment.
Using basic online tools to set a pricing
There are a number of basic real estate websites that give house worth estimations. The truth is that it doesn’t know all there is to know about your house and doesn’t look at all of the factors.
A lack of readiness to adapt to new situations
You may expect your price to decline or that you will have to wait until there is a higher shortage of available properties before selling if you list your house at one price and half a dozen other homes come up for sale in your neighborhood.
Working with a real estate expert who knows how to help you market your house correctly is crucial. To learn more about how Berkshire Hathaway HomeServices may assist you, call (310) 373-0021.