Pricing a property is as much art as science. If you got a full price offer right away, your property was skillfully priced. Sixth floor walk-ups are extemely hard to sell in even the Village. Anything above a 3rd floor walk-up is a very tough sell, no matter what else it has going for it, including prime location. The goal of a great listing agent is to get your property sold in the least amount of time for the most money. The time was a bullseye - an A+. If you priced it higher and had to eventually come down to what you got, you would not be in as good a circumstance as your are. Truly, your agent did a great job.
Licensed Real Estate Salesperson
Rutenberg Realty, NY, NY
There are two different strategies a broker may have used to price your unit,
A little less then the average price so you can get a bidding war going
OR price it like everyone else and hope for the best.
Just because you got your asking price, does not necessarily mean the people who are presenting the. Offer are solid, are serious or there are not any more offers coming in. Experience says, the best offers usually come in the first month your apartment is listed. Good Luck and if you feel the buyer is right and the offer is solid you should consider the advise of your broker.
Sami Saghie, MBA, BSc
Ross Realty International
So, ive asked for that, as well as currently selling apts....
The problem becomes then, if I sell it, will I be able to buy a comparable or better place with the money, given the difficulty these days in getting a mortgage?
can someone advise what a 6th floor unrenovated 550sf prime w.vill co op might go for?
Good luck in your move and in your new home. Jim Ryan, Home Savings of America, 703 591 5626 ext 419.
Did he/she show you the comparable sales to support that value?
Did you agree to listing it for the asking price you offered it for?
If the answer to each of the three questions above is "yes," congratulate your Broker, because clearly he/she has done a great job.
If the answer is "no" to any of the three questions above, you have other issues.
It is proven time and again that sellers who price correctly right out of the gate and sell quickly do better, ie, yield more, than those that price high and take longer to sell, with a price reduction or two thrown in.
It is also not unusual for a seller to wonder as you are whether a quick sale means you sold for too little, but statistics bear out that this is generally not true.
Congrats to you!
Unwavering Commitment to Service
I can understand your concernâ€¦ I had the opportunity to represent a seller who had been trying to sell his apartment on his own for almost a year. Two days after we began marketing the property we received an offer a few thousand below asking. We worked hard at properly marketing the apartment and we priced it right. The seller asked for a discount on the commission because he felt that since we got an accepted offer a few days after signing the exclusive we were saving on our marketing expenses. We declined his request on the basis that we should not have to discount our services for doing a good job.
The point of the story is that if your broker did his / her due diligence, priced the apartment accordingly and marketed properly so that you would have enough traffic at your open house, then thatâ€™s a job well done and he / she should be praised.
Now they just need to make sure the pass the board.
Best of luck,
Historically, I have heard stories of sellers who have gotten the price or almost the price on the first showing, thought the deal was too easy, rejected the buyer, and spent another five or six months looking, regretting, and selling for about the same or less later on.
Time is money and money is money.
Work steadfastly with your broker and know that you are in a fiduciary relationship with your broker. You trust the broker, the broker works with you; ask your broker and tell the broker your thoughts. Request comps of recently sold in the area, so that the facts will settle your nerves.
Real Estate is certainly a field of high drama. It involves your home, your most prized investment. Let your broker be your partner in support during this time to get the best price.
Is there another offer that can be brought forward to compete with this price? If so, you have a win-win situation, if it is handled well.
Best wishes and truly yours,
But an offer means nothing in today's market unless the buyer can get a mortgage (your unit appraises properly and your co-op building is approved by the banks/FHA) and the buyer will be approved by the board. I'm sure you're working with a reputable agent who will get full financial statements, preapproval letter, etc before bringing you the offer.
Usually one offer brings more if the unit is that hot. You may get more than you're asking in a bidding war (yes, they are happening again for well-priced units in downtown areas). KEEP SHOWING until you're satisfied that the buyer is extremely well-qualified. The highest offer is not always the best offer...in this mortgage environment.
On the other hand, you should really qualify your buyer and make sure he is financially capable and I am sure your broker did that...you should ask your broker about your buyer's financials erc...
If you need to ask any more questions please contact me off line I work downtown...
I agree with the previous post. The comps need to be reviewed. Please also remember that pricing an apartment is an artful science as well. If you were to ask 3 different brokers their opinion you would likely come up with 3 different prices, though they should be within a very similar range.
As you are in a co-op please review the buyers financials and make certain they are qualified and will pass the board approval process. A great offer is worthless if your buyer is going to be turned down by the board. Good luck with your sale.
A listing that sits usually sits becuase it is priced to high. I see it too often where people reject the initial offers as they think their house is all of a sudden worth more, with prices declining in some areas 1% a month you should be happy you received an offer never mind full price. Hopfully you received a broker price opinion to set your mind at ease. If not, simply ask for it before taking your offer, if so be happy you sold your property.