When selling your Beverly Hills house, one of the first steps you'll take is setting an asking price or also known as a listing price for your home, a maneuver that requires the ability to find the perfect balance between attracting solid offers and ultimately receiving top dollar.
We highly recommend working with a Local Beverly Hills Real Estate Agent or Realtor, they can provide you with a vast amount of information about the local Beverly Hills real estate market such as the recently sold homes in Beverly Hills, current homes on the market-which your home will be in direct competition with, and some of the best tips on selling your Beverly Hills home for the highest price. You'll probably hear talk of fair market value, which typically means the highest value an educated buyer will pay. Fair market value is usually not the asking price.
Many Beverly Hills real estate agents will begin by conducting a competitive home market analysis of your house and give you an estimate of the fair market value of your home, which is a range that will fluctuate depending on the housing market in your area and how much similar homes in your neighborhood are selling for. This is offered free, contact a Beverly Hills Real Estate agent now to find out what your home is currently worth.
While overpricing to some degree can be beneficial, you'll still want to be careful and avoid pricing your home too high, which almost always is nonproductive.
As you work with your Beverly Hills real estate agent and set your listing price, you'll want to recognize the factors that may prompt you to raise your asking price too much when it isn't warranted. Some of those factors include:
- Upgrades have been added. While many home improvements will help you recoup a good chunk of your investment, it won't give you 100 percent of what you paid. Also, the more personal the improvement—a swimming pool, a sunroom, purple floors—the less likely it will be viewed favorably by potential buyers.
- The need for money.
- You're moving to a higher-priced area.
- The original purchase price was too high.
- The seller lacks factual comparable sales to prove what the market value is.
- The seller wants bargaining room (listing more than 1-3 percent above market value actually reduces bargaining power).
- An unnecessary move, so you're not motivated.
Generally, the asking price—the price advertised when it goes on the market—is set slightly higher than market value, usually 1 to 3 percent above market value.
You should assume that negotiation will be necessary to reach an agreement with the buyer. If you price your home too much above market value, you'll get fewer showings and offers in which the potential buyer is fishing to determine how low you'll go. Most homes priced correctly from the beginning, sell very quickly and also bring in multiple offers.
You'll want to establish your priority list: Are you more concerned with selling quickly or getting the most money possible for your Beverly Hills home? You'll also want to contemplate whether you think the real estate agent's suggested price is reasonable and whether you'd pay that amount if you were a buyer.
Good news for the Beverly Hills real estate market, homes are selling very quickly right now. Beverly Hills is experiencing limited inventory of good homes on the market and home prices have inches up steadily. If you are thinking of selling your Beverly Hills home, find out what it is worth today. These steps will help you get your Beverly Hills home sold quickly and without the stress of having your home just sit on the market.
We wish you much success in selling your Beverly Hills home and are available to assist you with the successful sale!
Heather Paul- “Beverly Hills Real Estate Agent” Specializes in High End Luxury Real Estate Home Sales If you are Thinking of Buying a Home in Los Angeles or Selling your Beverly Hills Luxury High End Real Estate Coldwell Banker Residential Brokerage
(310)586-0364 or (424)625-1037
Heather Paul- “Beverly Hills Real Estate Agent” Specializes in High End Luxury Real Estate Home Sales
If you are Thinking of Buying a Home in Los Angeles or Selling your Beverly Hills Luxury High End Real Estate
Coldwell Banker Residential Brokerage