While I was deciding to sell my house the same model house is already on the market with a crazy low price...

Asked by Andrew, Pleasanton, CA Tue Jan 29, 2008

My house is in a better location with more upgrades. What should be my selling strategy at the moment? At what price and when to put it on a market? What should I do?

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Annie Nguyen, Agent, Fremont, CA
Wed Apr 16, 2008
Dear Andrew,

A good knowledgeable Realtor with a strong marketing plan will get your home sold.
0 votes
Cheng, , 08817
Sun Apr 13, 2008
Dear Andrew,

It is very easy. You would get as many local realtors to come do complimentary market analysis, and challenge them to sell your "low price" competitors. You would use whosever service if s/he can sell your low price competitor.

If some realtor could sell your competitor, of course, you can believe what the one says, otherwise, you need to continue the complimentary market analysis.

When you continue calling local realtors, you bring attention to many realtors about the community. Believe or not, many realtors may have buyers, but just "not familiar with your neighborhood". So, say, if you bring in dozen market analysis, you "introduce your community to dozen more sales force".

I have found that after I invite close to 50 realtors to do market analysis on my community, the neighbors start selling, and of course, your low price competitors will be sold and many others will be sold too, and the market price will be coming back.

For example, this Edison Hollow South condo community is now SOLD OUT!! http://raspberryct.blogspot.com/ Why? There are only total 220 units, and I have invited over 500 realtors from the county to the community (there are total about 5,000 realtors in the county).

0 votes
Jared, Home Buyer,
Sat Apr 12, 2008
As I buyer I see two options for you.
1. Beat his price.
2. Find out why his is crazy cheap and determine if that difference would make me choose yours for a crazy high price. I'd be more attracted to idea #1.
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NonRealtor, , 23456
Fri Apr 11, 2008
Maybe that crazy low price isn't so crazy after all.
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Faz Binesh, Agent, Fremont, CA
Wed Apr 2, 2008
With all parameters being relatively equal (i.e.; some minor differences in properties conditions, both within the same neighborhood), the objective pricing will be the main cause to get the property sold in this challenging market. Also, when to put the property on the market depends on your plans. A qualified Realtor can help you in assessing that and with pricing of your home considering the upgrades and/or differences you mentioned. I hope the information is helpful.

Good Luck

Faz Binesh
(510) 608-7691
0 votes
Annie Nguyen, Agent, Fremont, CA
Sat Mar 8, 2008
Yes. Andrew you need to talk to a Realtor who knows the area and also can give your the right answer. You are not planning to sell privately aren't you? A house which can be sold at a better price is not only depend on how the set the price right, but it also need a good marketing strategy to make your home stand out from the crowd. The house chooses the buyers. You need to make the buyers to fall in love with the house. Buyers buy their houses mostly based on their emotions. I hope I can answer your question.
0 votes
Nahid Monahe…, Agent, Pleasanton, CA
Tue Jan 29, 2008
Andrew, I would definatley talk to a realtor who knows their Local Real Estate market and make a note of all the improvements and the obtions that your house has to offer. A savy Realtor should be able to tell you the truth about the value of your home and the advantages that your home has to offer and make the price adjustment. They also should give you some advise of what you may do to add more value to your house, such as fresh paint, carpet, staging, and curb appeal.

If you would like a free advise, please feel free to call me any time at 925-216-9380. I have lived in Pleasanton for 17 years and list and sold homes in Pleasanton for over 10 years.

Thank you,

Web Reference:  http://www.nahidsellsre.com
0 votes
Keith Sorem, Agent, Glendale, CA
Tue Jan 29, 2008
When selling in a buyer's market (where there are more homes to sell than buyers to buy), strategy is everything.
As a rule of thumb, about 90% of the time the buyer that purchases your home sees that home with a Realtor, so the key to getting a home sold takes convincing three people that it is worth the asking price:
1. The buyer's agent
2. The buyer
3. the lender
Note that homes that sell in the first 30 days sell for closest to asking price, the gap widens the longer they listings sit on the market, so as a poster stated, accurate pricing is key.
Buyers want value. The key to maximizing your sale price is helping the buyers see the value of your home.
Some examples would be: no photo versus multiple professional photos with a virtual tour.
Offering a buy down program so your homes is instantly more affordable based on monthly mortgage payments. Based on the statistic that people move every 5-7 years on average, a 1-3 years buydown program, properly marketed, would likely allow a home to sell for a "higher price" that without the buydown program. Ask a Realtor for a detailed explanation.

Lastly I see dangers in overexposure. Our research shows that the highest amount of market activity occurs in the first 14-21 days on the market. So all of our marketing hits simultaneously. If we don't have ten showings or two offers in 10-14 days, we need to adjust.

After that point, holding the house open on weekends and advertising it probably does not make sense. It's like telegraphing to the world. "This property is over-priced. Please give me an offer".

So when I take a listing, we pre-agree on what will happen if we don't see sufficient showing activity.

One way to get showing activity is to low ball the price. That can work for and against you. Offering an above market commission might be a better tool to attract the Realtors who have the buyers, than to low ball the price in hopes of getting a bidding war started. Hope this is helpful.
0 votes
Andrea Davis, , Fremont, CA
Tue Jan 29, 2008
Andrew: I would urge you to talk with a Realtor as soon as possible to identify some very critical information about your property and it's competition. Doing a detailed market evaluation - inconcluding all factors can prove to be very valuable. And although your neighbors home is priced less it is possible that there are extenuating circumstances which are driving that price. On some occassion those circumstances can intice would be buyers but over coming them during escrow can delay the process and buyers will consider moving on. Information is Power - I suggest you contact a professional. Please visit my website: http://www.aDreamRealtor.com or call me at 925 824-4801
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Steve Hirsch…, Agent, Big Bear Lake, CA
Tue Jan 29, 2008
You should get a local Realtor to give you a market value. Pricing your home correctly is one of the most important things an agent can help you with. Knowing the local Real Estate market, comparables of sold and active homes, is part of this equation. Your homes actual location and upgrades are also important. Don't try to set the price based on your needs or wants. The market sets the price.
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