Will a “PRICE REDUCTION” sell your home faster?  San Diego Realtor
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Will a “PRICE REDUCTION” sell your home faster? San Diego Realtor


Hello everybody, let’s talk about pricing strategy. And is it time to do a price reduction now? Normally I wouldn’t discuss this about a specific home for one of my clients. I would consider that confidential information. it is something I wouldn’t want to put out to the public without permission. Now, this is my own home. It is currently being marketed for sale So I’m open to say whatever I’d like to, about my own property. Come on in! Before I would advise a client to reduce the price of their home, I would do a full marketing analysis for them up to that point. Now, In the case of my own home, we were ready with a website, address specific, that goes on to the sign of the property. It had multiple videos that have played in the zip code and the adjoining zip codes. It has professional photography. Each one of the competitive properties in the neighborhood have been compared. We have even modified the location and made additions and deletions of photographs in the MLS. So from the standpoint of marketing, I’d give myself a great big check to the positive. But we’ve been on the market 50 days and we’ve only had one offer on the property. That person was not able to present us or did not present us with a pre-approval letter. so that one got away. So let’s dive into some numbers. I Gotta be honest with you I looked at all these numbers far in advance of putting my home on the market and I came to realize one thing. The average market time in my community is about a hundred and nineteen days. I’m about 50 days into it or halfway through what would be considered the normal cycle? Now in my price range, I happen to be in the most sweet spot, where it takes the lowest amount of time, but the 119 days is still pretty much the rule. People that move out to Jamul, I have found in my experience in having lived here over 20 years is it takes longer to sell the property? But the people that move to the community stay much longer. An average period of time to stay in a home is about seven years. The people that I sold my last Jamul home to, 12 years ago are still living there and I’m moving on, and they’re still living in that home. So it’s not unusual in a community of this nature for your market time to be a little bit better, in this price range. There are only about three homes that sell a month There’s only about seven and a half or eight homes that have been selling recently in all price ranges in this zip code. So really I’m fine. I could look at a couple of more important factors. I can look into my price range and then the price per square footage in my price range and the year that my property was built in comparison to the period of time the other homes were built in. I’m the lowest priced, I have the most modern construction and I have many features including 2×6 construction that is unusual in the residential marketplace. I’ve had three other brokers look at my property and tell me that if I have a problem It’s probably I’m priced a little too aggressively. I’m gonna move I’ve made up my mind. I don’t want a long protracted negotiation but at this point in time, it doesn’t seem appropriate to reduce the price of the property. So if you’re looking at marketing your home, you probably want to know what your assimilation ratio is. What’s the average market time and then how many sell. If I were to look at 3 homes selling and then the number of homes and I take those three people on average, I would only have three showings in a month. If everyone that purchased looked at my home if it even fit the needs. I got one more thing that I want to talk about that 3d Matterport. Matterport to me is a godsend. And the reason for it, for both myself and my clients it’s a huge time-saver. I’ve been in this business almost thirty years and if you knew how many times I had seen an agent take one of their perspective listings or one of their listing clients to a home to show it to them so that they could do a real comparison of theirs that they’re planning on selling, and one that’s already offered for sale or to make a price adjustment you’d be shocked! Professionally speaking. I don’t think it’s always appropriate to drop the value of your home You cannot create more buyers for the marketplace then are already there. If there are 6 homes on the market within your price range and there are only three buyers it’s going to take a little while for your home to stand out! The ease and ability to show your home whether it has a Matterport and can be previewed, all of these things are important and will probably help you. We recently sold a home with a Matterport to a foreign investor who saw it in a matter of a couple of days. Submitted his offer and then closed the transaction. He went through the certification process with his agent to make sure that everything that he saw in the property was actually as it was, because he never went to the home. There are so many things changing about real estate. But price reduction, price reduction, price reduction, is a mantra are not always going to work. It wouldn’t be appropriate for me at this point in time to drop the value of my home. I’m not in distress I’m not a divorce situation, I have no court order, all of those things that would make you literally discount to ensure that you’re the first to sell, they’re not present. I have a beautiful home and it will sell when it sells. If you’re in a situation where you’d like some advice from a licensed broker in the state of California and you’re not already listed (can’t interfere with another agent) but I’d be happy to answer any question that you present to me. And if you’re a Realtor remember Realtors can do anything we prove it every day. until the next video. Thank you

3 Comments

  • Steve Wilner

    Hey George let's get this video to go video. Great service for the public!!! So let's figure out how to do the DEAL…….get Marcia M. out of my life and live the dream. Right now Tarn just booked Korea and Japan from SIngapore so we are on the road again. FUCK ALL THOSE BASTARDS that want to run OUR LIVES. Living the DREAM!!! I think these bastards are jealous? Thanks for the laughs and giggles and HELP!!! You are a nice guy!!! #1 ……and the rest are the stories of life!!!???

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