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Pricing Your Home Right in Mammoth Lakes – It’s Important!

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Are you thinking of selling your Mammoth home or condominium?  When working with potential sellers, one of the biggest questions I get is “What are you going to do to sell my house?”  Sellers often ask about print and internet advertising, open houses, exposure to buyers, staging, and many other things.  And sure, having your home advertised on Zillow or Trulia will certainly help expose it to hundreds (if not thousands) of buyers, I always tell my sellers that the most important thing that I, or any experienced real estate professional, bring to the table is this:  Extensive market knowledge to help you price your home right.  If your home is priced right, it will sell quickly and often for much closer to the listing price.  Here are the top three benefits of pricing your home right:

  1. It may sell faster. In the Mammoth Lakes market, most buyers have been looking at homes and condos with an agent for 6+ months.  They are familiar with the market, and they and their agents recognize when a home is priced well (or when it’s overpriced), and they are ready to act on it.  If the home is priced too high, buyers will often take a “wait it out” approach and put off submitting an offer until there is a price reduction.  Your property could languish on the market for months, while you are paying the carrying costs which ultimately erode your profit.
  2. You will target a larger buyer audience. Every agent in the Mammoth Lakes area has nearly all of their buyers on an automatic notification system that sends them a link to any new listings that fit their buying criteria.  This means that when your home hits the market, an email will immediately be sent to hundreds of buyers.  Additionally, most buyers have their own searches saved in Zillow and Trulia, which will notify them of new listings.  By pricing your property too high for the market, you will eliminate many buyers that might actually be able to purchase the property at market value.  They simply will not be exposed to the property if it is above their specified price range.  This is not to say that you should price your home lower just to reach more buyers, but that pricing it within reach of its actual market value will enable your property to be marketed to a larger number of qualified buyers.
  3. Your home may sell for closer to its list price. Or maybe even over its list price!  If a home is priced too high, buyers may actually start out with a lower offer than they would if it was priced appropriately because they feel that they will need to negotiate further off the listed price.  If a property is priced right and is in demand, we are seeing lots of multiple offers in Mammoth right now, and competition between buyers will drive the price up.  Recently we had a condo sell for nearly 10% over asking price because the seller priced it right and multiple offers inflated the purchase price.Pricing Your House Right, Single Family Home in Mammoth Lakes, CA

When choosing a real estate professional, make sure you select someone who is very knowledgeable about current market conditions and historical trends.  Helping you price your property correctly will be their number one job!

Eric Leach
Resort Property Realty, Inc.

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