You say when you were listed at the higher price you had lots of traffic but no offers. Traffic without offers does not mean anything. If you were not getting second looks and offers, even low offers, you were priced too high. Now that you are getting offers, that means you are priced to be in the game. You do not have to accept this offer if you don't want to. Until there is a fully-executed contract there is no actual deal. So yes, in answer to "if I happen to get an offer, can I negotiate up using the comp?" - yes, but I'd put it another way. If you really believe your unit is worth more, you can change your asking price to something higher.
The confusion you are having and acting emotionally upon - lowering your price when a neighbor lowers theirs, hearing about a higher comp and now wanting to raise what you will accept - these are part of the difficulties of being a For Sale by Owner. Your are, understandably, emotionally involved. If you had a really good listing agent working for you, they would have a clear sense of the pricing. You would be off the emotional roller coaster, knowing a professional was handling this very important transaction for you. Also in terms of dealing with buyers, it would be an arm's length transaction which is very preferable to the other side as opposed to dealing directly with the owner. You are also asking questions about negotiating, and again, a good agent is a skilled and experienced negotiator. I would urge you to consider handing the reins over to someone qualified to get you the most money in the least amount of time with the least stress to you.
Halstead Property, LLC
If you are listing for at a price you consider low, in order to get a higher number, be aware of certain things.
In order to "negotiate up", you would really need multiple offers to accomplish that.
It would, in my opinion, be unfair to have a buyer offer you full asking price.....and then have you give them a counter offer at a HIGHER number...with no one else in the picture.
Obvsiouly, you also have to take the terms of the contract into account.
Multiple offers can wind up giving the seller a higher than asking price final result.....that can happen, but not always.........but, in the absense of other offers, I think you'd annoy a buyer (not to mention their agent!) if you asked them to come back with more than the asking price.
In my opinion, it's not a good strategy...................you might very well be at a list price that is right for today's market.
Also.............you say you just found out your neighbor sold for a lot more........you didn't say when that occurred.......or whether you have seen the interior of your neighbor's place............upgrades or even beautiful decorating can affect the final number.
You said you lowered your price already................so...................how has that affected the traffic you are seeing? Has anyone jumped in and made an offer? If not, then you just might be priced where you should be.........regardless of what your neighbor got.
The test of the market, IS being on the market......and you are.
Prudential NJ Properties
If you want a higher price then cancel listing then repost amount you want.
It could offend many potential buyers, however if you have seasoned agents will see you had lowered price then went up, more than likely could receive offers at the lowered amount.
But. Nobody in their right mind will meet your price and then agree to your raising the price. "Whoa! I'm giving you what you asked for, and now you're RAISING the price?"
I'm not even going to ask how we go from "No units had sold in over a year" to "my next door neighbor sold."
If you were to get multiple offers, you certainly could negotiate up, but with only one offer, you're likely to scare away the buyer if you go over your asking price.....if you feel your price should be higher, raise it before any offers come in....
But, be weary, the nation still seems to be in a "buyer's market".....although I'm certainly not familiar with your exact location! Good Luck to you!
The best way to gauge pricing is by its success in drawing activity and ultimately an offer that sticks. If activity is lacking, price must be addressed. If there are no offers, pricing must be reviewed and likely adjusted. So you did the right thing to adjust your price. Take a step back and also reflect on the presentation of your home - perhaps there is room for improvement there as well.
Get yourself a good real estate attorney to help you move from agreement to close.
Consistently delivering results for NJ Buyers & Sellers
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an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other.
As you can see there no need for the third party (Realtor) to be involved in order to have arm's length transaction.
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Yes you can negotiate up however it is very difficult to do. Normally if a buyer gives you what you are asking they do not want to pay more. You can't be priced too low, multiple offers will come in if you are below market value. If your neighbor sold for more and you are both at the same asking price, it is likely that more than one buyer was interested in the unit and the highest offer won. You now know that your unit is priced right and it will sell quite quickly, if it's identical to your neighbor's. Good luck
Prominent Properties Sothebys
201 359 4560
Our recommendation is to meet with your real estate professional again to introduce this new comparison property. This new information may be enough to support a price adjustment. But don't be suprised to find that your agent may have additional relative information.