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Cabo San Lucas Blog

This blog discusses Los Cabos real estate and other important news and happenings in Cabo.


Advise to Sellers of Real Estate in Los Cabos

When you get ready to sell your home in Los Cabos listing it at the correct price can make a huge difference as to the time it will take to sell.  The first thing to consider is the Market Value of your home.  But what is “Market Value”?

Market Value is: "The approximate price a knowledgeable, willing, and unpressured buyer would pay to a knowledgeable, willing, and unpressured seller."

This means your house is only worth what a buyer is willing to pay you for it. Most sellers will check the local MLS listings, and see how their home compares to currently listed homes. While this is a good starting point, and will give you a good idea of your competition, it can also be a bit misleading. The reason it can be misleading, is because a seller can "ask" as much as they want for their house. This doesn't mean anyone is going to pay it!

More importantly when selling your home is not what homes are listed for, but rather what similar homes have recently sold for. This is the statistic that will properly tell you what buyers are willing to pay for a similar home, in a similar neighborhood. To find out what similar homes have sold for in your neighborhood, contact Los Cabos Agent.

Many folks like to list their home for a slightly higher price than what similar properties have sold for thinking that they want room to negotiate.
In theory this can be a good idea but there are a few problems with this strategy. Depending on your price point, asking that extra $5,000-$10,000 may put you out of some potential buyer's price range, thus eliminating them from the picture all together.  Another negative factor is that when a buyer realizes a home is overpriced, they tend to want to offer less than they normally would to compensate for the high price.

Another factor to consider is that over priced homes tend to sit on the market longer. After a listing becomes "stale", it usually encourages "lowball" offers.
When you take these factors into consideration, it's not hard to see why competitively priced homes sell quicker and often for more money than their overpriced counter parts. For more information on selling your home, contact Los Cabos Agent. 

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