Pricing Property To Sell

How MuchHow you price your properties is an important part of your marketing plan and can have a large impact on the success of your business. Here are a number of strategies to help motivate buyers and move your property.

Under Market Value.  Underpricing can be a good way to generate multiple offers on a property and may help you make a quick sale. Pricing a home under market value of similar properties may also cause a bidding war among potential buyers and drive the price to market value or higher.  Most sellers are not willing to adopt this strategy, but it can be quite effective.

 Over Market Value.  Some realtors believe that overpricing will lead to higher initial bids on a property. Unfortunately, it may also make the property sit on the market longer. Overpricing is best used when the inventory of similar properties is low in the area. If you have the only three-bedroom, two-bath condo available in a luxury building, you may be able to command a higher price than similar units have sold for in the recent past.

Fair Market Price. The most straightforward strategy is to price the home in the same range as other properties that are of similar style, size and condition in the area. By doing so, potential buyers who know the value of the homes in the neighborhood will consider making an offer on the property if it suits them.

Pricing per square foot.  If you have a property and can’t find any homes in your area that are similar in style, you could base the price on the square footage. Look at recent sales of properties that are as close in size and condition as possible and determine the average price per square foot. You can use that as a guideline to determine the listing price.

Remember, the type of property, along with the current market conditions in the area, should always be considered when deciding on a pricing strategy. The most important thing is to choose the strategy that you are comfortable with and make adjustments if needed.  A qualified real estate professional can help you with your pricing strategy.

Source:  American Home Shield


Mammoth Lakes Real Estate Market Update

housing marketThere are several different data points to review when answering this question including median price, days on market and total inventory sold.   Below is a snapshot of the last two years closed transaction in Mammoth Lakes and 2013 so far.


2013 (as of Nov 30)



Median   Price




Median   Days on Market




Total Condos SOLD




Single   Family Homes

2013 (as of Nov 30)



Median   Price




Median   Days on Market




Total SF Homes SOLD




While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:



Single Family Homes

Median   Price



Median   Days on Market



Total   Available as of 11/30


Relatively flat all of 2013


Relatively flat all of 2013

In summary, both condos and single family homes are selling more quickly than 2012 and at a higher price.  Although inventory  levels  have been low throughout 2013, total sales of both condos and single family homes will surpass totals for the previous two years.

What does this mean to you?  Prices are trending slightly up.  People interested in buying should increase their search and also need to be ready to move quickly when the right property is identified.   Sellers can expect to get more than they would have last year at this time.    Of course, there is no crystal ball.  Will the upward trend continue?  Time will tell.

Realty Trivia Challenge

TriviaWhat is considered the most expensive house ever built?

A. Bill Gates’ House in Medina, Washington

B. Donald Trump’s Mar-A-Lago in Palm Beach, Florida

C. William Randolph Hearst’s Ranch in San Simeon, California

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Answer: C. William Randolph Hearst’s Ranch in San Simeon, California Publishing magnate William Randolph Hearst certainly knew how to live the high life. The Hearst Castle aka “The Enchanted Hill” is a 90,000 square foot compound with 165 rooms and 127 acres of gardens, terraces, pools and walking paths. This magnificent property features 56 bedrooms, 61 bathrooms, 19 entertaining rooms, a private cinema, zoo and airfield. It was built between 1919 and 1947 by architect Julia Morgan and cost more than 500 million in today’s dollars to construct. Overnight guests have included Charlie Chaplin, Winston Churchill and President Calvin Coolidge.

Have you ever been to Hearst Castle?  If not, put it on your list of things to do when on the Central Coast.  My friend Brian proposed to his wife Michelle there…..romantic!


Source:  American Home Shield

Where Am I?

There are so many beautiful places I want to share in my beautiful home of Mammoth Lakes. Every week I will post a photo for “Where Am I Wednesday?” and you can give your best guess as to my location. The first person to correctly guess my location will receive a Starbucks gift card!

Any guesses where I took this this photo? Hint: This photo was taken approximately 30 minutes from Mammoth Lakes. Happy guessing!

2013-11-07 05.45.44


Real Estate Humor

flower arrangementA client bought a new home and the broker wanted to send flowers for the occasion. They arrived at the home and the owner read the card; it said “Rest in Peace”.  The owner was angry and called the florist to complain. After he had told the florist of the obvious mistake and how angry he was, the florist said. “Sir, I’m really sorry for the mistake, but rather than getting angry you should imagine this: somewhere there is a funeral taking place today, and they have flowers with a note saying, “Congratulations on your new home”.