Pricing Pasadena real estate in a hot market

Pricing Pasadena real estate is a major factor in how quickly and successfully you sell your property.

RealtorMag reported 40 percent of home sellers participating in a Redfin Real-Time Seller Survey planned to price their homes above market value. With strong market conditions and rising prices, sellers may think a more aggressive stance on pricing is the right choice. But it’s not the best strategy.

Even in a strong market, your Pasadena real estate needs to be competitively priced or it will be lost in the shuffle of better-priced homes. Price is generally based on market conditions, as well as home and neighborhood values, so a strong market will naturally drive up market values on their own.

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Pasadena real estate pricing with a strategy

When your Pasadena real estate first hits the market, it gets far more interest from buyers than later on. If it’s priced right for the market, it will generate showings that result in a sale. If the market is hot enough, with buyers competing to purchase the home, the market conditions will naturally drive up the price and sweeten the deal for a seller. In some cases, buyers will drive the home price up beyond its market value -- without the seller setting a higher price tag.

If you overprice your home from the start, however, many buyers will not take the opportunity to consider it. Reducing the price later may get some renewed interest but not to the same level. Price reductions sometimes give buyers a perception that something is wrong with a property, or that they can make an offer below market value.