Pasadena real estate: When the price is right

In a strange way, Pasadena real estate isn’t so different from a game of “The Price is Right.” Home sellers -- with the help of their agent -- are trying to pinpoint the “right” price that will reel in the win. And like many contestants, they are on the high side. According to a recent poll of agents across the nation by ActiveRain, an online community for real estate agents, overpricing is a common mistake by sellers that delays and/or prevents closing a deal.

There are a variety of factors -- from Pasadena real estate market conditions to your home’s overall condition -- that affect price. Some sellers overprice their homes because they have a preconceived notion of what it’s worth; others think they should price higher to allow for negotiating when an offer comes in.

But it’s important to price your Pasadena real estate appropriately from Day 1, so you don’t have a property lingering on the market and suffering price reduction after price reduction.

When Pasadena real estate is priced right from Day 1:

* You catch the interest of buyers looking for new listings in the Pasadena real estate market

* You are new to the market, giving buyers less bargaining power over you

* Buyers will understand they may need to compete for a well-priced house, resulting in better

offers

When Pasadena real estate is overpriced, then reduced:

* Price reductions don’t generate the same interest as being a “new listing”

* You may miss shoppers who are looking only at new listings and don’t see you are now in their price range

* Buyers may believe there is no competition for your home, and be less willing to negotiate

* Buyers may think you are desperate to sell, and push for more concessions

* The longer your home lingers, the more buyers may believe there’s some flaw in the property

To read more about Pasadena real estate, or shop for properties, visit my website ClassicPasadenaHomes.com