San Diego Property Management Blog

How To Price Your Home in a Correcting Market

If you're considering listing your home on the market, you obviously want to sell quickly and for top dollar. Now that the market has shifted, what can you do to achieve these results? One of the best things you can do is to price your home accurately. 

In the San Diego area, more than one-third of all homes have been on the market for over two months, with almost half of the listings having to reduce their asking price at least once. With this current environment, pricing your home too high to test out the market won’t be a great strategy. What you should do instead is to methodically price your home correctly at true market value during the first few weeks after coming on the market.

This will save you from wasting weeks or even months of precious market time. Statistics show that if you price the home properly and sell quickly, you'll obtain the highest percentage of the sales price to the original list price. Keep in mind that the first few weeks after listing is a very crucial period since many buyers are still searching for homes and are on the lookout for new properties on the market.

On the other hand, if you list too high to test the market, you may get the initial rush during the first two weeks after listing, but all those buyers will likely pass because the price is too high. In the end, you’ll be forced to make a price reduction. Buyers will start to think that there’s something wrong with your house and make low aggressive offers.

The bottom line is you should price your home right from the start and cash in on your golden opportunity. If you have more questions about this topic or anything else, call or email me. Let's make it a great 2023.