The current economic climate has created an extremely competitive market for San Diego home sellers. High inventories and the abundance of deals on foreclosures puts to pressure on San Diego home sellers to have properties in showing condition and to be priced right. Many sellers want to initially price their property on the high end of the market and underestimate the costs of having a property sit on the market unsold. Maintenance costs, taxes and insurance are ongoing. Another thing to consider is the benefits of having invested the money that can be made with a fast sale vs. the cost of sitting on the market for a long period of time.
The saying time is money' is never more true than when selling a San Diego home
In January, you put your property on the market for $500,000. In February, your agent recommends a price reduction of $10,000 to $490,000, but you decide to wait out the market a little longer. Assuming your monthly payment on the property is $4,000-5,000 per month (including mortgage, property taxes, and insurance), and it hasn't sold in six months, by June you have spent $24,000-30,000. This $30,000 expense has lowered the property value from $500,000 to $470,000. If you had lowered the selling price in February to $490,000 and obtained a faster sale, you would have had ended up with more money in your pocket.
San Diego property values recently have been declining 5-10 percent a month. A property that might have sold in January or February for $490,000, will most likely only sell for $440,000-465,000 in June. So how do you sell your San Diego home faster and for more money?
Selling San Diego Home Fast and For More Money
1. Take a look at comparable home sales in your neighborhood and price at your 5% below the last comparable sale within a three-month prior period.
2. Work with an experienced real estate agent who has market knowledge in your neighborhood.
3. Have your San Diego home is saleable condition. Have your honey-do list' complete, your yard ship-shape and your home ready to show at a moments notice.
Your efforts will be rewarded!