Sellers, if you are looking to list your home and know that Spring is typically the best time of year to do so, don’t let overpricing your home cost you!!
Don’t make the huge mistake of overpricing your home!
Hi, I’m Tanja Odzak, eXp Realty, I help people sell and buy homes right here in the East Bay!
The housing market is heating up and there is more inventory on the market to choose from. As a seller now is a great time to list your home as historically this is the time of year when more buyers move and competition heats up.
We are still seeing a seller’s market even with the bump in inventory as the demand for housing remains high. While these are great conditions for sellers, you still want to be strategic when it comes time to set your list price. Pricing your house too high can cost you in the long run and here is why.
The asking price of your home sends a message to buyers. According to US News Real Estate, “Even in a hot market where there are more buyers than houses available for sale, buyers aren’t going to pay attention to a home with an inflated asking price”
Most buyers have done their homework and won’t pay more than they have to. Many buyers are already feeling the pinch with affordability due to home price appreciation and higher mortgage rates. Putting a higher price on your home, doesn’t make it sell for more money… in fact, if you overprice your home, it is going to take longer to sell. This may cause you to have to do a price drop to reignite interest in your home causing longer days on market and the chance of your property going stale.
The reality, is that here in the East Bay, the market culture is to actually *underprice* homes. Think of it as similar to auction style pricing. We price low, in order to sell high. Exactly how much “under” market value a home is priced varies throughout the East Bay, in some areas like Oakland and Berkeley, it is quite significant.. it can be 20, 30%. In other areas, like Walnut Creek, it’s less so, maybe reaching 10%. There are no hard rules as to how much to underprice, but following your city’s pricing culture, in a way that’s consistent with similar homes, *from the start* is your best strategy.
This is why it is so important to work with a seasoned agent who studies and understands our local market to determine the best listing price. A great agent will look at comparable sales, days on market, historical buying patterns, the condition and location of your house, and factor in what the market is currently doing. All this information will help find the pricing sweet spot. So that you, my dear seller, will get a great price in the shortest amount of time.
Call me today and let’s talk about it. I’m a seasoned East Bay expert with a 5-Star rating. I’ll help you navigate the market and make it happen, whether that’s selling or buying, or both!
And ask me about my home selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms do apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?
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