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

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

2 Responses to "Why being ‘priced right’ is the number one factor when selling your home"

  1. Gregg w   February 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!!!

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  2. Mike   February 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.

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