On first thought, selling your home by yourself seems to make perfect sense. It doesn't look all that hard, right? So you decide to sell your home the FSBO way (For Sale By Owner). You figure that you can put up a sign. Let people come to look at your house. Review all the offers you are sure to get and pick the best one and you're done. That's all there is to understanding the Santa Cruz County real estate market—right?
Well, not quite. One of the most difficult things for a person trying to sell their own home to do is understand the Santa Cruz County real estate market in order to price their home correctly. All of the above steps will stall without setting a price that will make you happy and get a buyer to sign on the dotted line.
The Price is Right
In some ways selling your home as a FSBO will seem a little like the television game show "The Price Is Right." Some buyers will walk around your home and have no idea what local values are, but they will still do their best to talk down your price.
Others that come to view your FSBO will have a very firm grasp on local real estate values and how your home stacks up against the competition.
In either case, you must know what comparable homes in your area are selling for so that you can argue your own case and know when you are being under bid.
Overpricing is Costly
The temptation to want more than true market value for your home is common but counterproductive to selling your home. It’ll set on the market so long that people will begin to wonder what’s wrong with your home. Then, when you drop your price, you’ll appear desperate. Potential buyers will devalue your house in their own minds, which decreases the chance of you getting a fair market price for your home.
If you have questions about the current Santa Cruz County real estate market, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com. For additional information please visit my website at www.MySantaCruzRealEsate.com.