|Selling Manhattan Beach Real Estate?|
Price, worth, value and other similar words may not have much weight in the equation. What we really are driving to is a final sales price and a strategy to get there. And make no mistake, the right strategy will get you a higher price.
When listing your home, I try to have clients focus more on final sales pricing than list price. And the way to get there is by analyzing the sales to list ratios.
If the inventory in your neighborhood, price point, or property type is low and there is demand, your best strategy is what I call "event" pricing as in create a listing event with a mega open house and a price to get the buyers in. Your goal is multiple offers and over bids. And very, very favorable terms.
So here's an example.
Similar homes to yours are selling for $1.750,000. Don't price yours at $1.9M to "leave room to negotiate". Price it at $1.6M to get a lot of showings and enthusiasm.
But let's say there are other listings similar to yours including some that have been on the market for a while with price reductions. Best strategy in this situation is what I call market perception pricing. It has to be a good deal compared to the competition. So, in that case you might price at $1,699,000.
Lastly is "aspirational" pricing. This is for the situations where there are no direct comps, your home has some more desirable features (pool, view, updates) that have value but hard to quantify. That's where you price higher to see what the market will bear. You might be at $1,990,000 when other are at $1.75M.