Between trying to watch the Padres game on my phone and the crowds of people looking at the house yesterday, I couldn’t get any more footage than this:
After having roughly 300 people attend the two open houses, we have received 14 offers!
We have countered all of the offers because agents don’t know who will go higher – why limit the seller response to just the top 3 or 5 offers? We countered $1,150,000 to every buyer to narrow down the group of contenders willing to go to at least that amount, and then I’ll do the jimjamalama.
Stay Tuned!
We did adjust the price upward this morning to alert the newcomers to our new starting point:
There were a few comments, mostly from neighbors, that accused me of deliberately starting with an ultra-low price to attract more people. Given the recent sales nearby, the current market conditions, and especially the active listings sitting around unsold, I thought it was an attractive price. I never fear pricing too low because I know how to handle a fair bidding process so everyone has a chance to pay top dollar.
https://www.compass.com/app/listing/6217-oakridge-road-san-diego-ca-92120/1162342864989189569
“There were a few comments, mostly from neighbors, that accused me of deliberately starting with an ultra-low price to attract more people.”
If you have the time to chase the market down + a limited commodity price high then go down to attract buyers. (this is called a reverse auction format)
If you have a limited timeline to sell price low and work your way up. (this is a normal auction format)
The neighbors are just trying to talk the market back up. It’s better to accept reality and move forward quickly.
I’m sure in 6-12 months both buyer and seller will be happy with this sale.
This is how everyone should price. 5% below the market. If you’re too low it’ll get bid up and you’ll sell quick. Everyone prices ABOVE the market and goes stale. Great job Jim.
That’s because you priced it too low like every other realtor out there. “Get good help” haha
I don’t see too many priced ‘too low’, and all that matters is what happens after that.
With me, you can count on them getting bid up to the current retail price or higher. Not sure about others.
Mister – not necessarily true and you have a big chance of losing your ass on the sale if you price it low
Realtors just one on turn and burn and move on
They’re just the middleman like the car dealers that are getting in the way and causing things to be more expensive
I used to think you were somewhat entertained by what you read here. Thanks for clearing up how you really feel.
I am waiting with baited breath to see the outcome Jim!
Jim = Consummate Professional with some excellent strategery (humor is fun, you know:)
As a “peer” in the business Jim has proven himself over the years. Repeat clients prove that.
Good job my man!
I still believe you would be a great NAR Pres!
Best,
PT
Thanks PT, and I appreciate you commenting.
18 written offers received and probably another 18 who thought about writing.
It still means that the vast majority of those who saw it did not make an offer. While it probably looks like I mis-priced it to casual observers, there were plenty of concerns that warranted a conservative approach.
And I got lucky too.
Preparedness and knowledge allows one to succeed by welcoming luck when it comes their way. Luck doesn’t happen purely by accident!
Wow! Driving a Rolls Royce to an open house! This should turn out interesting, to say the least!