When it comes to selling high-dollar properties like homes in San Francisco, California, there is a gentle touch. A given home may be next to properties that, because of small differences, are valued at wildly different amounts, and the market can shift enough in just a few days or weeks to alter the right sales price strategy.
The first thing to do is make sure you have an agent with expertise in this market, someone who has sold homes here very recently, to make sure they have strong comparable scenarios, but then use these tips to sell your home quickly.
Every sale is a little different, but talking with your agent can help you triangulate where your home is in the local market. Factors like whether you have yard space, a garage, enough bathrooms, or updates to the kitchen can all be either a factor that drives up or drives down price.
Some headwinds and tailwinds are out of your control: if prices are soaring in your neighborhood due to pent-up demand, or if interest rates are making buyers drop out of the market, these factors should impact the final number you land on when it comes to pricing.
Generally, pricing over market isn’t going to be the method to sell quickly, though your agent will have better ideas when they know your particular situation and market timing. However, a time-honored strategy in competitive markets is to create a price that is artificially a little bit lower than market: people who were looking in your home’s price range as well as those who were willing to go higher will all see that home and be intrigued.
A “good deal” draws in many people, and the psychology of pricing means that some people will feel better offering over a rock-bottom price than offering asking for a home that is priced at or above market. It’s just part of seeing how the market is moving right now and getting that house sold very quickly.
One of the best ways to evaluate your agent is what they intend to do to market your home. If agents primarily put your home in the MLS and put a sign in your yard, they may not be getting the word out effectively to generate the much-needed buzz to sell the home quickly.
Instead of going with the first agent you meet, talk to them about how they’ll advertise your home, what they’ll do to portray it in the best possible light, and how they will respond if there is a shift in the market that necessitates a new price or other modification. These details can be very telling, as a great agent will be proud of the approach they take and the results they get from their strong marketing choices.
Selling quickly is an art, not just a science, but the data that is generated from marketing analytics can also help you plan ahead and adjust price or other elements of your expectations. It’s very valuable information to have about your home’s listing strategy.