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Why being ‘priced right’ is the number one factor when selling your home

Friday, February 7th, 2014
Issue 06, Volume 18.
John Occhi, Mike Mason
Special to the Valley News
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All of us have heard that the three most important factors in real estate are "location, location, and location." Do you agree? We don’t. Well, not exactly. Let us share with you why.

Yes, homes for sale in the Temecula/Murrieta Valley have one great thing in common: location. However there is so much more to it when it comes to successfully selling a home in today’s market.

The truth is there are three dynamics that are important – location, condition and price. Of the three, price is the ultimate trump card.

The value of a home is certainly influenced by its location. Build identical homes with identical features in Wine Country and another one in French Valley, and the Wine Country home will certainly be worth more, simply because Wine Country is a more desirable area. Location only affects the value of a home. Price is what sells the home.

It doesn’t matter if a home sits on the shores of the Pacific Ocean, high up in a pristine mountain resort or in the penthouse of a prestigious downtown building, it just won’t sell if it’s not priced right.

There is a buyer for every home. Sometimes it’s difficult to say just what will be the motivating factor as to why a particular buyer buys a particular home. A home in a "good location" will always sell for a fair price. The same goes for a home in a "bad location", it too will sell for a fair price…it just won’t be as high as the same home in a "good location".

The same can be said for a home in good condition; it will sell for a fair price and a home in poor condition will also sell for a fair price…it just won’t be as high as the home in a better condition.

Price remains the trump card. Neither location nor condition will sell a house if it is not priced right.

Don’t be that seller looking for that one buyer that gets your house, appreciates your sense of style, your choice of appliances, carpet, and those one-of-kind bathroom fixtures.

If your home has been on the market for an extended period of time, provided you have done all you can regarding the condition and have made it easily available for showings, chances are it is no longer priced right. Listen to your REALTIOR®. And if you don’t have one, get one.

Don’t let your home just sit there week after week. It will come to a point buyers will start to avoid your home and think something is wrong with it.

When showings stop, don’t blame your REALTOR®. When people view your home and no offers come in, chances are a change is needed. Have the market conditions changed? Get input from your REALTOR®. After all, it’s your house, your REALTOR® works for you.

Remember, it’s not just location and condition, it’s being priced right that will sell your home.

Call us today and get the information you need to make the right decision. The info is free, call now! (951) 296-8887.

Questions regarding available inventory and/or other real estate matters please contact me, Mike Mason, Broker/Owner of MASON Real Estate Cal. BRE: 01483044, Board of Director of your Southwest Riverside County Association of Realtors® (SRCAR), Traveling State Director, California Association of Realtors® (C.A.R.).



Comment Profile ImageGregg w
Comment #1 | Friday, Feb 7, 2014 at 3:28 pm
Looks like this article was written by a Realtor. Yes - price is important, but it is not everything. A Realtor will always tell you to drop the price - so that they can work less and get their commission faster. Another way to deal with this is to build a commission structure for the Realtor that incents a quick sale at an agreed upon price (or higher) and reduces their commission if the listing goes on for an extended period of time or the offer comes in below the price that was expected. Lots of way to deal with not getting offers - but simply lowering the price - is giving away the house and the commission!!!
Comment Profile ImageMike
Comment #2 | Thursday, Feb 13, 2014 at 6:41 pm
Couldn't agree more Gregg...Sounds like the exact sales pitch Id expect a seller to get from an agent wanting to quick sell their house. Agents should be paid based on their results: A high price and a fast sale. Incentives are probably the best way to make that happen.

Article Comments are contributed by our readers, and do not necessarily reflect the views of The Valley News staff. The name listed as the author for comments cannot be verified; Comment authors are not guaranteed to be who they claim they are.


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