Don't you love it when ...?

Asked by Michael Russell, 75006 Wed Apr 14, 2010

the listing you took was priced correctly but the market changed and now you get to ask your seller client(s) if they want to adjust their asking price upward. Asumming good traffic, few d.o.m., and the seller(s) situation this is one fun call to make! Also receiving a full priced offer, no closing costs asked by buyer, these are some of the feel good moments as an agent.

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Ronda Allen, Agent, Plano, TX
Thu Apr 15, 2010
BEST ANSWER
Good point, Michael. It is nice when we can suggest that an upward adjustment in their pricing may actually drive more showing traffic and increase the odds of an offer. It's been a couple of years since we've been able to do that.

With the internet and reports we can get today on where the buyers are viewing the home listings, it really helps to know for proper positioning that a home listed at $249,900 may not be as powerful as a home listed at $250,000. But, a $250k listing will achieve the seller two buyer pools from online sites - the $200k to $250k buyer and the $250k to $300k buyer. Knowing where the pricing falls in line with break-points in online search criteria can be a huge advantage to one home over the other thanks to observant agents like you.

Have a great day!
Ronda
0 votes
Bill Eckler, Agent, Venice, FL
Thu Apr 15, 2010
As we see it, there are many "feel good moments" associated with real etate activities but an individual must be open enough to be able to recognize and enjoy them.

Our advice......keep looking!
1 vote
Florida Citi…, Both Buyer And Seller, Tampa, FL
Thu Apr 15, 2010
Congrat Michael! The situation you describe is certainly perferred to the alternative. So many buyers are trying to take advantage of what they believe to be a desperate seller market and submit predatory offers. Fortunately, these buyers (never make a purchase) stay in the market longer than an over priced home (never gets sold). Unfortuneately, some misguided real estate professional is wasting everyones time and energy by submitting these 'hail mary' offers.
Dear buyer, listen up, that $450,000 home on the lake is not going to be sold for $350,000. Every comp you've looked at supports the $450,000 price placing it at the lower 15% of community values. Would you as a real estate professional fire this buyer?
0 votes
Aaron Mtuanwi, Agent, Conyers, GA
Thu Apr 15, 2010
There is no need asking the seller to price upward in this market. The competing buyers will certainly drive it upward. So simple.
0 votes
Matthew C. K…, , 27511
Thu Apr 15, 2010
We haven't seen this happen in several years. In my area--near Raleigh, NC--home prices have been relatively flat until very recently. Friends recently sold their home at a price slightly below what they asked while a neighbor's home sold for just above the asking price.

Are happy days here again?
Web Reference:  http://www.matthewkeegan.com
0 votes
Dan Chase, Home Buyer, Texas City, TX
Wed Apr 14, 2010
Michael, smart buyers today look at more than asking price. They also look at price reductions and increases. As a buyer if I see a price increase I will automatically start at the lowest price it was offered at. I will then underbid that price.

I understand what you mean about having prices increase being good for your clients. Yet buyers will look at a price increase and figure someone just got greedy. That increase could even take buyers to another house that did not increase its asking price.

There is always another side to every coin. If you had agreed to an asking price and before it hit the MLS decided it should be increased that would have no issues. But this way, it does not look right. I have seen certain properties increase asking price. It always raised red flags to me.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more