If a house sells in the first three days on the market, does that mean it was priced too low?

Asked by Fritz, Oakhurst, NJ Tue Aug 12, 2008

Help the community by answering this question:

+ web reference
Web reference:

Answers

12
Jeanne Feeni…, Agent, Basking Ridge, NJ
Wed Aug 13, 2008
Hi Fritz, absolutely agree with Lourdes. Although it is never certain how long it will take for a home to sell, what I know with certainty is that the greatest excitement for a home is when it is newly listed. Pricing properly right out of the gate takes full advantage of the this momentum, pricing too high when first listed is an opportunity lost.

I suspect what happened here is that the buyer was not new to the market and recognized that the home was fairly priced. This is exactly what happened with a home I recently had listed in Martinsville - under contract in 11 days. Smart pricing, good timing ...and a little luck .... great combination.

If this is your story, congrats. Worry not - not underpriced - "right" priced!

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference:  http://www.feenick.com
1 vote
Judy Rivard, Agent, Amherst, MA
Tue Aug 12, 2008
No- It was priced to sell! That is most important!
1 vote
David Dorfman, Agent, Neptune, NJ
Wed Jul 28, 2010
It's "seller's remorse"?

So:

1 Did the agent dio a good job or bad job - "I could of received more with a different agent"

2. I didn't wait long enough - I could of received more

What really happened - you had a buyer and a seller who agreed on a price - which became the "fair market value".

This what an appraisal is suppoed to be an indicator of.

Were there other conditions - an estate sale, company owned - or just a seller who met a buyer and was happy. Maybe the seller left room for the new owner to enjoy the property and the agents weren't greedy thinking they can get a bigger commisison.

Everyone is happy.
Web Reference:  http://www.rentlaw.com
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Fri Jul 24, 2009
Hi Gary, thanks for your kind words - I do believe it to my bones - I see it proven out time and again.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com
Web Reference:  http://www.feenick.com
0 votes
Gary De Pury, , Pasco County, FL
Wed Aug 13, 2008
Jeanne, you really hit the nail on the head! Are you bringing frankincense gold and myrrh too. These are great answers. I am clicking submit and then giving you a thumbs up.

~~~ "the greatest excitement for a home is when it is newly listed"
~~~ "Pricing properly right out of the gate takes full advantage of the this momentum." Again! Right on the money
~~~ "I suspect what happened here is that the buyer was not new to the market and recognized that the home was fairly priced."

Gary "I'm Not Worthy" De Pury

Gary De Pury
Broker~Owner
Bay Vista Realty & Investments, Inc.
Tampa, Florida
Chairman, Communications Committee
Greater Tampa Association of REALTORS
Director, Florida Association of REALTORS
0 votes
Loida Claudio, , West Milford, NJ
Tue Aug 12, 2008
Hello Fritz, It seems you must have had a great home and it was price right to get an offer in three days. With so many homes just sitting on the market for so long, I sure this must have been a wonderful surprise to you. I'm sure when you placed your home on the market you were wishing for a quick sale or to sell it under 6 months. Well you just got your wish. Congrats!
0 votes
Heather Dacc…, , Monmouth County, NJ
Tue Aug 12, 2008
Hi Fritz,
No it does not necessarily mean it was priced too low. A new listing gets the most showings and potential offers. It was probably priced just right and there was a buyer out there waiting for that exact type of home to come on the market.

Thanks,
Heather Daccurso
Weichert Realtors
Office: 732-577-0440
Cell: 732-580-5309
0 votes
James Joseph, , 06281
Tue Aug 12, 2008
Hi Fritz,
Don't second guess things. Count your blessings and your money and move along!
All the best,
James Joseph
0 votes
Gary De Pury, , Pasco County, FL
Tue Aug 12, 2008
I would say that if a house sold in three days...welllllllll I need the information to the title company.. :> All kidding aside, I have placed homes on the market and had them under contract within a few days and other homes ...well....NOT SO MUCH...!

The only thing that needs to happen for a house to sell is a meeting of the minds between buyer and seller. All of that other stuff....Marketing, Price, location, luck, alignment of Jupiter and the moon is cannon fodder if you can't get a buyer and seller to agree, and the thing the agree on is price, with Terms coming in at a close second.

If the seller got the price he wanted for the house, and the buyer got the house he wanted for the price, then you have created a MARKET and the market sets the price.

So in short, no......it was not underpriced, and the bed was JUST RIGHT TOO and goldilocks lived happily ever after.....

I hope this helps!

Gary De Pury
Broker-Owner
Bay Vista Realty
Tampa Florida
0 votes
William Kilb…, Agent, Fair Haven, NJ
Tue Aug 12, 2008
Absolutely not, it means that it was priced well and people noticed. If it is underpriced generally the market will correct it by multiple offers, if its overpriced the market will do nothing but forget about it.
0 votes
Linsey Plane…, Agent, Rancho Santa Margarita, CA
Tue Aug 12, 2008
Not necessarily. The first week can be great for a new listing because sometimes there is a buyer that is ready and they're just waiting for the right home to list. If it's priced right, it will sell.

I've seen seller's think that a quick offer means they were underpriced. They may go so far as to hold so firm to their asking that they loose the opportunity and subsequently languish on the market for months kicking themselves.
0 votes
Bill, , 07876
Tue Aug 12, 2008
That's a difficult question to answer having never seen your house. The 3 most important things to get a house sold are price, location and condition. If you can offer all 3 of these in today's market, you will attract buyers and hopefully an offer soon. So, to try answer your question, no, it does not mean it was priced too low.
0 votes
Search Advice
Search
Ask our community a question
Home Selling in Oakhurst Zip Codes

Email me when…

Learn more