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Related: About this forumWinning and losing strategies for home sale asking prices
Sept. 5, 2014Irvine Renter 20 Astute Observations
Home sale asking prices impact how quickly a house sells and how much a seller obtains in the sale. Higher is not always better.
I sold more real estate in 2011 and 2012 than most people sell in their lifetimes. As manager of a flipping fund operating in Las Vegas, I bought and sold more than 50 properties during that two-year stretch. As a seller I can to a few conclusions about how to get the best price.
First, start with a high but reasonable asking price. It doesnt pay to error on the low side. Establishing comparable value is more art than science, and someone in the market may believe a property is worth more than you do. You cant get top dollar is you dont ask for it, but that being said, the price must be reasonable compared to recent comps, or nobody will bother looking.
I sold a number of properties quickly at what I thought was a high price. Perhaps the buyer felt they were getting a bargain too, but since I was out-performing my proforma, I was happy to sell it quickly, and I didnt worry that I was selling it too cheaply.
Second, be prepared to make a significant drop within two or three weeks of hitting the market. It does no good to let a listing get stale by leaving an overpriced property on the market, particularly if nobody is looking at it. Your initial price drop is generally the largest. It signals to the market youre a serious seller but doesnt convey a sense of desperation like a large price drop after 120 days does.
Source: http://ochousingnews.com/blog/winning-losing-strategies-home-sale-asking-prices/#ixzz3CV2EcOtp
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Winning and losing strategies for home sale asking prices (Original Post)
Crewleader
Sep 2014
OP
Sherman A1
(38,958 posts)1. Interesting
I suspect that each case is different, yet it is an interesting approach.
Crewleader
(17,005 posts)2. Some helpful tips to price the property to sell I agree
and I hope it helps those that are in the process of selling. But in times like this...you have to have that special house someone wants and a buyer who is able to purchase it. Unfortunately they're fewer and fewer that are able to buy these days.
Thanks for posting Sherman A1,and very nice meeting you.
Sherman A1
(38,958 posts)3. Glad to
make your acquaintance as well!