In this post we’re going to look at: AVOID OVERPRICING YOUR BEVERLY HILLS HOME FOR SALE. Price your Hollywood Hills Home For Sale on the Beverly Hills Real Estate market based on comparable properties that have recently sold – simple, but not always easy. Get together with your Beverly Hills real estate agent and review past Beverly Hills Home sales in the area with similar:
Obviously you want your comparable Beverly Hills Home For Sale to be in the same area or neighborhood. More importantly you want to try and get comps within 1 mile of your subject property location. The banks, lenders, and third party appraisers look closely at this.
The comps should be no more than 15%- 20% larger or smaller than the subject property. Also, comparable properties found on the MLS or off market need to be no more than 3-6 months old. The homes you’re using need to have sold in that time period. Key word “sold” not stale listings or properties that have been re-listed over and over to hopefully attract new eyes, also not expired listings. We want to know what someone actually paid for a home. Again this is another big criteria for the banks, lenders like Skyline Home Loans, and appraisers.
Room, Bedroom and Bath Count
In a perfect world, the comparable’s should have the same bedroom and bathroom room count or at least be very close. Got it?
You should try and compare Spanish to Spanish or Modern to Modern you get the point… etc Here in the Beverly Hills, either Spanish or modern homes in the hills with tons of glass perform best price wise.
Age could be a little different depending on renovations and who and how the renovations were done. Either way, it is difficult to take a 1920’s Spanish house and compare it to a 2016 modern home in the same size range and neighborhood. But there are some older homes that have been completely renovated to function like a newer home and you must pay close attention to those. Especially if the spot was designed by a notable builder or architect.
Condition can play a major factor. Maybe your neighbor has the same home as you, not very likely in the Beverly Hills but they spent 800k updating a kitchen and 2 baths, plus an infinity swimming pool with-in the past year while yours fixtures and appliances are still from the 80’s with no pool breathing taking pool in the backyard. Obviously, buyers will pay more for the spot with all of the updates and upgrades. Wouldn’t you?
Features and Amenities
Features and amenities like a tricked out Master suite with a master shower plus tub, his and hers walk-in closets, a view patio, multiple decks, screening room, grounds for entertaining, finished basements, etc… can play a role in what your house is worth. Obviously homes can be unique, some more than others. Your Beverly Hills Real Estate agent should have a good handle on what’s going on with pricing your home to sell for your area. Your Realtor or Broker should be able to explain a simple and transparent pricing concept and what’s up with your local real estate market to you. I always price my Beverly Hills listings to sell within the first 12 days on the MLS for top dollar. Ask me how.
Pricing your Beverly Hills Home For Sale is the most essential component for selling your Beverly Hills Home at top dollar. It is a very important decision that should not be taken lightly. As a Beverly Hills homeowner you should take a deep breath and understand how and why a real estate agent is recommending a price on your home.
Overpricing your home is going to cause you to be very frustrated. Furthermore, it most likely will net you less money for your pocket in the end.
If you take nothing else away from this article I hope you get this point: Every house is sellable for the right price, in any market. Hire a REALTOR with a good reputation and Avoid using the REALTOR that gives you the highest price with out backing it up with valid data and a marketing strategy that’s more than putting your house for sale on the MLS with a sign in your yard.
Your Beverly Hills Real Estate Profesional
This article, AVOID OVERPRICING YOUR BEVERLY HILLS HOME FOR SALE, was provided by Glenn Shelhamer of The Shelhamer Real Estate Group. If you are selling your Hollywood Hills home, I have a comprehensive marketing plan, including preparing your Hollywood Hills home properly that will help get your home sold in less time and for more money.
Call me at 310-913-9477 or contact me to discuss how I will get your home sold.