Is Your House in Los Angeles or Beverly Hills Priced Too High? Here’s How to Know
Is Your House in Los Angeles or Beverly Hills Priced Too High? Here’s How to Know | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
When selling a home in prestigious areas like Los Angeles or Beverly Hills, you naturally want to secure the highest price possible, and sell quickly with minimal stress. But in these competitive luxury markets, setting the right price is crucial. Overpricing your home could lead to it sitting on the market longer than expected, and ultimately, selling for less than it’s worth. Here are four clear signs that your asking price might be too high and what you can do to correct it.
1. Few Showings or Offers
One of the most immediate indicators that your home may be overpriced is a lack of showings or offers. In luxury neighborhoods like Bel-Air or Trousdale Estates, buyers are savvy and know what properties should be priced at. If your house has been on the market for several weeks with few viewings or no offers, it could be a sign that buyers perceive it as overpriced. In Los Angeles, where properties move quickly, extended periods without interest can hurt your listing’s appeal.
Your real estate agent, especially if they specialize in high-end markets like Beverly Hills, will know how to adjust the price strategically to increase interest. They’ll also advise you on staging techniques or slight updates to make your home more competitive in the market.
2. Negative Feedback from Buyers
If the few showings you’ve had result in negative feedback, particularly around price, it’s time to reconsider your pricing strategy. In the Beverly Hills Flats or Hollywood Hills, where buyers are used to comparing top-tier properties, consistent feedback that your home is overpriced should be taken seriously. Potential buyers often view your home relative to others they’ve toured, and if they think they’re not getting value for the price, they’ll move on quickly.
Your agent will gather and review buyer feedback to see if it’s consistently about the price, and help you determine whether a price adjustment or cosmetic improvements are needed to justify your asking price. As the National Association of Realtors (NAR) explains, feedback and market data are essential to determining whether your initial price was set correctly or if adjustments are needed.
3. Your Home Has Been on the Market Too Long
In competitive markets like Los Angeles, homes that linger too long on the market often raise concerns with buyers. If your property in Pacific Palisades or Brentwood has been sitting unsold, buyers may assume something is wrong with it—even if it’s just the price. A prolonged listing can make your home seem stale, especially as inventory in LA increases.
Your real estate agent will compare the average days on the market for homes in your area to help gauge whether your home is priced too high. If similar properties in Beverly Hills Post Office are selling faster, it might be time for a price cut or marketing adjustment to bring more attention to your property.
4. Neighboring Homes Are Selling Faster
If homes in your neighborhood, particularly those with similar features, are selling quickly while yours remains unsold, it could be a sign your home is priced too high. Whether you’re in Westwood, Santa Monica, or Bel-Air, price comparison is critical. If your neighbor’s home, with similar square footage and amenities, is selling without issue, you’ll need to adjust either your pricing or marketing strategy.
Your agent will monitor the local market and competition, giving you updates on how comparable homes are performing. In some cases, making small upgrades or reducing the price slightly can make a big difference in attracting the right buyers.
Bottom Line
Pricing your luxury home in Los Angeles or Beverly Hills correctly requires both market knowledge and insight into buyer behavior. If your home isn’t generating interest or offers, your real estate agent is your best resource to help adjust the price, improve your property’s appeal, and get it sold. In competitive luxury markets, relying on the expertise of a seasoned agent will ensure you’re making the right moves to sell your home quickly and for the best price.
Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value