Yesterday this comment was left by angryPQneighbor:
Why did you list this one so cheap? The same model sold almost a year and a half ago in a bidding war over $610K!
We are listed for $639,000 in most places, and on the range $619,000- $639,000 in the MLS. He/she didn’t say what they thought the price should be, just that my price was wrong. Do we expect double-digit appreciation every year?
They haven’t been following the pricing discussion we’ve had on the blog here, or considered that, given the current market conditions, it is better to price attractively to take advantage of the urgency that a new listing enjoys – at least for the first week or two before going stale.
The attractive list price makes the listing stand out, and grabs the attention of the buyers – have you noticed that most listings aren’t priced attractively? We were on the open market for six days (including Halloween), and here’s how the market responded:
Trulia:
Redfin:
Zillow:
The frenzy died a couple of years ago. Why?
Because the prices stopped looking attractive. But using the same pricing principles, a mini-frenzy was created here.
We received six written offers!
However, they were all within the range. Is that it? Do you just select one?
No – we’re not done yet!
I carefully and respectfully caused each bidder to consider going higher on price, and we ended up over $650,000!
Get Good Help!
Hey, angryPQneighbor….
you’re welcome.
Well done approach on creating a controlled frenzy and getting top dollar. I’m curios what kind of pricing could you expect for something larger 4/3 in the same neighborhood similar condition
Good job Jim, although as you always note, there is still plenty of work to do, but with the fair and open process you conduct, all should be pleased.
Hey sdbuyer, answering your question: If you have one to sell, top dollar if you hire JTR.
JtR was working hard to sell us a house back in ’13. We lost out on few bidding wars because either the agent didn’t have a clue on how to handle multiple offers or gave zero guidance on how much higher our offer should go.
I was willing to offer more most of the time, but I wasn’t going to bid against myself.
JtR finally nailed the perfect house for us while beating out the competition.
Moral of the story? Buyers will pony up more cash if they know they have a shot at getting a fair deal.
Love these in-depth post mortems. Always something to learn.