When you’re ready to sell a condo or loft in DTLA, you’ll talk to an experienced Realtor(R) about your decision – and he’ll compare your home to dozens of others to help you arrive at the right asking price.
The asking price is one of the most important things to get right when you sell your home.
The Consequences of Setting the Wrong Price When You Sell Your Condo
If you set the price of your condo too high, you’re going to limit the number of people who actually come to see it. It won’t sell, and eventually, you’ll have to lower the price anyway.
If you set the price too low, you’re leaving money on the table. While there are “right times” to set the price too low, most people don’t have to do this.
Pricing Your Home Too High
When your condo is listed for more than it’s worth (and in the end, a condo is only worth what someone else is willing to pay for it), you have two strikes against you right out of the gate. Let’s call those strikes Buyer A and Buyer B.
First, people who could ordinarily afford your home won’t even see it in their home searches. Most people search according to their budget – so if Buyer A can only afford to pay $250,000 for a home, he or she is only going to look at condos that cost less than that.
Maybe Buyer B can afford to pay $265,000, which you’re asking – but when Buyer B compares your home to other condos listed at $265,000 and yours comes up short, he or she isn’t going to bother seeing yours. Buyer B is going to go with the larger condo that has a wider range of amenities or is located in a different neighborhood.
Pricing Your Home Too Low
Your agent will tell you that if you price your home too low, you’re leaving money on the table. That’s money you could use for a down payment on your next condo or loft – or that you could put toward retirement or just about anything else.
However, sometimes it’s okay to price your home too low – like when you need to sell it quickly and you’re not too concerned about leaving some money behind.
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale