Do You Have to Lower Selling Standards?
If you’re selling a home in the Hollywood Hills, you have to think about lowering your asking price – or at least entertaining the idea. This, of course, depends on your situation. If you can afford to wait a year or more, then keeping a home listed should not be a problem. However, this isn’t the case for most home sellers, so you need the ability to adapt to the market.
People hear about homes staying on the market for a year or more and become worried. What you have to realize is that there are homes that sell in six months or less. So while the market is indeed difficult, it is not insurmountable. Certainly lowering your price will bring in more takers, as home buyers are assuming that sellers are lowering prices right now. Plainly, buyers are in the driver’s seat.
Because of this your real estate agent is supremely important. A real estate agent needs to be especially savvy in this market to get the best possible price for a home. This means having access to buyers who will be able to afford a higher asking price. It also means an agent that doesn’t whither during the bargaining process and show signs of desperation, no matter how desperate a homeowner might be to sell.
But you need to meet the agent halfway and realize that lowering an asking price is common in this climate. Even if a home buyer can afford the higher asking price, they are entering the market under the assumption that these are poor market conditions for sellers. Additionally, there are fewer buyers overall, whether they can afford it or not. So if you’re most interested in selling a home quickly, flexibility with a home price is key.
About Susan Andrews:
Susan Andrews is a top producing real estate agent at prestigious Beverly Hills real estate firm, Hilton & Hyland. She specializes in Hollywood Hills, West Hollywood and Los Feliz real estate. Susan can be contacted at 323.829.8811 or by e-mail regarding her properties.
