I wish I could claim that I am perfect, that I always suggest the ideal list price. One of the reasons full-time real estate agents look at property each week is that we can then recommend list prices to our clients who are selling their homes. Pricing your home to sell can be one of my most difficult tasks.
I recently listed a condo in Sierra Madre. It is 2 bedrooms, 2 updated baths, and offers two enclosed patios with plantings – especially ideal for someone with pets. As always there are pros and cons and after careful consideration, I felt the perfect list price to be $449,000. After a broker’s open house followed by Saturday and Sunday open houses, I had just one low offer. I regrouped with the seller and we quickly reduced the price to $439,000 and immediately received two more offers. We just opened escrow over the initial $449,000 asking price. I was correct about the selling price, but initially wrong about how to get there. Fortunately, the seller and I reacted quickly to the market with our price reduction.