What If We Just Want to Test the Orange County Homes Market?
Sometimes sellers want to know if they can just list their home for sale above market value, just to "test" the market and see what happens.
My question to these potential Orange County sellers is, "Why would you want to just test the market?"
This question typically comes with a few more.
Do you only want to sell your home at a particular price?
Do you really want to sell your home?
If you don't sell your home for this amount, will you will be able to pay off your loan?
If you really need or want to sell your home, then it's unlikely to be in your best interest to list your home too high. There is a limited time after a home is first up for sale that it is in a "honeymoon" period. Buyers are prowling for the newest home as they decide which to purchase. During this time frame, your home is likely to sell quickly at the highest possible price. After your home becomes "stale", it's likely to sit longer and sell for less eventually.
Given this, why would you want to waste this prime period with an overpriced listing price?
If you cannot sell your home for enough to pay off the loan because the market is just not there, listing your home to "test" the market won't solve that problem. It still won't sell.
If you need to sell your home, but are upside down on value, you have a few choices. You can bring the necessary money to make the short fall when you sell your home or you may be able to short sale your Orange County home. If you do not need to sell, perhaps you can rent the home until property values exceed your loan balance or perhaps you can continue to live in and enjoy your current home.
But, if your home is simply unrealistically priced and you don't really want to sell, what are you gaining by "testing" the market?
Will your agent really be working hard to sell it? If they are, does this mean they don't understand the market or that they don't have anything better to do? If either of these are the case, do you want them for your agent?
If you would like information about our marketing plan for selling your Orange County home for the most amount of money in the shortest time possible, please give me a call at 714-319-9751.
If you simply want to "test" the market, please consider if this is really in your best interest.
Originally published at Testing the Orange County Homes Market.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.
If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes. Click the link if you are interested in buying a home at a courthouse auction sale.
Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
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