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Pricing Real Estate to sell in Baja takes more insight and market knowledge then pricing a property to sell in the USA, where there are many multiple listing services.
Here are two main reasons why this is true:
Firstly, here in Baja, the MLS system is young and just maturing now. For many areas, there are very few sold properties that have been recorded that can be used as a comparables. Also, many Baja property sellers and buyers simply don’t report the true selling prices in order to avoid higher transfer taxes and capital gains tax. (Don't ever do this yourself!) With a lack of data of sold properties, it is very likely that there is little, no, or incorrect recorded information about how much homes have sold for in your neighborhood or condominium development within the last 6 months.
Secondly, more buyers then ever are entering the Baja real estate market, and the Baja market is becoming more efficient. Buyers are now viewing many properties for sale before they make an offer. These well-informed buyers of Baja real estate are now driving Baja real estate prices with their offer prices to purchases, meaning that buyers are more in control of market values, and are pushing prices of Baja real estate.
With the lack of comparables, and with Baja real estate buyers driving the market, it is now more important then ever to put yourself in the seat of a buyer if you intend to sell your Baja property within a reasonable amount of time. It is excellent advice to view the Baja market the way a diligent buyer views the market, and to price your home accordingly.
Sellers of Baja real estate should view as many properties as they can that are competing with their property for sale. And remember, Baja homes on the market merely have asking prices listed. An asking price is much different than a sold price.
In addition to viewing the competition when pricing your home for sale here in Baja, it is also important to get various opinions on what price your home could sell for given current market conditions, and within a reasonable amount of time. Beware however when getting opinions on the value of your Baja home. This gives unscrupulous agents the opportunity to overprice a Baja property knowing that it might not sell, but would promise such a price just to get the listing, expecting to talk the seller to drop their price later.
Here are the most important steps to take when pricing your Baja property to sell:
1. View at least a couple of homes that will be competing with yours in the market place.
2. Don't list your property with the agent with the highest promised asking price. List your agent with the best marketing plan.
3. Don't ever assume a selling price just because that is what your neighbors are asking for their home. Most neighbors can not remain objective when pricing their own home for sale.
4. Remember, asking prices are different then sold prices.
5. Take into consideration the direction of the Baja housing market place, and price your home accordingly. Are the prices of Baja real estate going up fast, or are they coming down fast, or are they remaining level.
6. Get more than one opinion on the pricing of your property for sale, and don't ever, ever, ever let any potential buyer think that you might be greedy with your asking price. That turns off buyers. They will just keep on looking.
Price your home fairly, and you will get results. |