When the objective is selling your Costa Mesa home for the highest price (which it always is), establishing the asking price is the second of the two most crucial decisions you will make. Many homeowners reason that setting the original asking price “at the max” makes the most sense. They see that strategy as a way of controlling the process since it provides room for negotiations. Because this early decision is made before the Costa Mesa home has even entered the market, it doesn’t yet feel like there is any time pressure. If the high figure doesn’t attract buyers, lowering the asking price will solve the problem.
That may sound logical, but it’s highly inadvisable. When a seller decides to price above comparable properties, the predictable result is to curtail the property’s “visibility”—the number of buyers who will be motivated to look more closely. That significantly lowers the likelihood of drawing a reasonable offer—or any offer. It leaves the seller little choice but to lower the asking price—and properties showing price reductions don’t fetch top dollar. That process is known as “chasing the market down”—a phrase that accurately captures the vicious cycle that can develop when a home goes too long with no takers. As the days-on-market accumulate, it makes a property seem as if something must be wrong with it—even if the only thing wrong was the original asking price.
As noted above, pricing is the second crucial decision. It’s preceded by the first: selecting the best Costa Mesa Realtor® to manage the selling process. That Realtor should have experience in compiling the research that accurately pegs how comparable Costa Mesa listings are currently faring—which includes taking into account the special features that give your own Costa Mesa property unique marketing advantages.
When a newly listed property quickly attracts attention, it maximizes the possibility that a bidding competition will develop—the polar opposite of “chasing the market down.” If it is time to sell your own Costa Mesa home, we hope you’ll call us to discuss all the ways we can make that happen!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at firstname.lastname@example.org