A lot of people make the mistake of thinking they should overprice their condo before listing it on the DTLA real estate market.
But that’s just what it is: A mistake.
Related: The consequences of setting the wrong price when you sell your condo
Why You Shouldn’t Overprice Your Condo for Sale in DTLA
First things first: When buyers are looking for condos for sale, they already have a pretty good idea on how much money they have to spend.
Related: What is a mortgage preapproval?
Because buyers know how much they can spend, they’ll pre-screen homes based on price. Buyers who can’t afford your home won’t even see it – only buyers who search in that higher price range will.
The problem with that is that when buyers search in a higher price range, they’ll see DTLA condos and lofts for sale with more room, better amenities, and what they see as a better location. When they inevitably compare those properties to yours, yours is going to come up short.
The buyers who could ordinarily afford your condo or loft will be buying properties similar to yours at reasonable prices.
The bottom line is that your home is only worth what a buyer is willing to pay for it – and they’re not going to pay more for yours than they would for your neighbors unless yours has the features to justify the price.
You might think that if you price your home higher than the rest, you’ll have plenty of room to negotiate down – but unfortunately, it just doesn’t work that way any more.
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.
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