When a luxury homeowner decides to list their home in today’s market, the price is the key to success!!  La Jolla sellers who own a home of $2,000,000 or more and who want to sell are more than likely needing to sell within six months. Homes that are listed properly with today’s prices are selling quickly and in some cases with multiple offers. Some of the multiple offers can go over the asking price.

The homes that are not selling are the ones that are considered “over price”. Unfortunately the sellers with an overpriced home will not only find that they will get much less for the property, but it will take much longer to sell.  Chasing the market down is the kiss of death.

What I have found is that buyers who are really in the market to buy will not make an offer on an overpriced property. They will sit on the sidelines and wait for the price to drop.  In the mean time the seller takes the risk that the buyer will buy another home more realistically priced.

Sellers should consider doing the following before they put their home on the market:

1.      Go to www.Zillow.com and see what price range this internet site suggests

2.      Invite 1-2 agents to do a Comparative Market Analysis

3.      Have an appraisal done from a licensed Real Estate Appraiser

The internet site www.Zillow.com sometimes is not as accurate in pricing luxury homes because luxury homes in La Jolla are in neighborhoods with new, old, small and large homes. Zillow draws from only the homes within a small radius and sometimes it will pick up lower priced homes.  If your home is surrounded by two homes that are in the range of $1,600,000-$1,800,000 and your home is much larger and worth $5,000,000, Zillow will value your home much lower.  Buyers do use Zillow though and you need to be aware of that.

If you are only interested in listing your home with the “top agent”, be careful because you may not get top billing. Top agents with multiple listings are spending tremendous amounts money on advertising and sometimes they cut way back on the dollar amount that they spend to give the listings exposure. Many top agents have several assistance and sellers find they are working with them and not directly with the agent. Look for an agent who will give you the best service and marketing exposure.

An appraiser will price you home more realistic because they use the most recent sales and comparable homes to your luxury home.  They take into consideration the style of the home, the square footage, the location, the details included in the property and much more.

The most important aspect of listing a home in today’s market is to price your home realistically.  If you don’t, you will loose money in the end.  If you can hold on for the absolute bottom, you will more than likely get what you want for the property.  If you have to sell just be aware of what you need to do; price your home right.

Real Estate Magazine Aug. 2009, Luxury Lowdown, page 14; www.carrealtor.com

www.Susannystromwalsh.com