This is a tale of two listings and the importance of pricing to sell. In 2021 I listed this Anders Troedsson Craftsman home. Harb & Co. listed at $1,150,000, expecting it to sell above asking with multiple offers. Buyers submitted five offers on this very unique Sunland home. The winning buyer waived their loan and appraisal contingency. We closed escrow for $1,360,000 in November 2021.
Fast forward and I noticed that this home was back on the market. Located at 11009 Odell Ave. in Sunland it was listed in March for $1,400,000. The listing agent and the seller reduced the price to $1,390,000 five weeks later. It closed 7/17 for $1,250,000. $110,000 less than the 2021 selling price. I can sympathize with the listing agent and the seller not wanting to take a loss. But I believe had they listed less aggressively it would have sold for more.
Establishing a list price for your property does not indicate its value. Buyers consider today’s list price a “starting bid.” Today’s buyers understand that the list price is a starting point for negotiation. The direction is typically up. Years ago, homeowners wanted to price their homes over the value, so they had room to negotiate down. Today’s pricing strategy is to list your home right at value or slightly below, which has proven effective in generating multiple offers quickly and a final sales price well above asking.
