Keeping your word!

[EMJ]

You are simply clueless. And to be clear, I said in a hot market homes sell for tens of thousands over. I didn't say I sold mine for that. But you have trouble with the truth. If you don't know there are regions in the U.S. that sell over asking why are you even commenting and showing your complete ignorance? A simple Google search would educate you. Stop embarrassing yourself.

[stomachmonkey]

Originally Posted by EMJ

So shocking how uninformed you are about things you purport to be an expert in. Most homes in San Francisco, Boston, NY, DC, in the best neighborhoods - over asking price. Regardless of comps - someone will always want to pay more. Get a clue.

Yup, there's a lot more strategy to listing a house than "is it priced correctly".

Once sold a house using the "accepting offers from $XXXXX to $XXXXX" strategy.

This was a house that the real price fell into a kind of weird spot for valuation.

When my realtor suggested it I told her she was nuts. Who in their right mind would offer anything other than the lowest number?

She explained the reason it works is buyers have a preset price range, $100K, $150K, $200k etc....

When you have a home that is valued just above a price point break a lot of people who are actually within range budget wise won't come and look.

The ranged offer strategy brings in more lookers. They'll start by offering low but a) we don't have to accept any of them, b) the low offers drive higher offers.

I'll be damned if it did not work exactly like she said it would. Number of lookers tripled.

Accepted an offer from a guy who was looking at a house around the corner. It needed $50-60 k worth of work which would have put his total outlay above my top accepted range number.

My house needed zero work. It was only 10 years old. I don't screw around when I sell. Presentation is everything. Entire house was painted fresh top to bottom. Put in new carpeting in the living room and hallways. All personal items / clutter was moved to storage. House presented awesome.

It took the guy all of 5 minutes to do the math and figure out that even though my house was out of his purchase price range it was less than the total budget he was willing to spend.

He made an offer on the spot, above the maximum ask price.

[EMJ]

Helluva post! That's the way it's done!

[fintstone]

Originally Posted by EMJ

You are simply clueless. And to be clear, I said in a hot market homes sell for tens of thousands over. I didn't say I sold mine for that. But you have trouble with the truth. If you don't know there are regions in the U.S. that sell over asking why are you even commenting and showing your complete ignorance? A simple Google search would educate you. Stop embarrassing yourself.

Really?

Originally Posted by EMJ

Why am I not surprised.

Every single one of my personal homes that I've sold - above asking price. In a hot market - thousands, even tens of thousands, over.

[fintstone]

Originally Posted by stomachmonkey

Yup, there's a lot more strategy to listing a house than "is it priced correctly".

Once sold a house using the "accepting offers from $XXXXX to $XXXXX" strategy.

This was a house that the real price fell into a kind of weird spot for valuation.

When my realtor suggested it I told her she was nuts. Who in their right mind would offer anything other than the lowest number?

She explained the reason it works is buyers have a preset price range, $100K, $150K, $200k etc....

When you have a home that is valued just above a price point break a lot of people who are actually within range budget wise won't come and look.

The ranged offer strategy brings in more lookers. They'll start by offering low but a) we don't have to accept any of them, b) the low offers drive higher offers.

I'll be damned if it did not work exactly like she said it would. Number of lookers tripled.

Accepted an offer from a guy who was looking at a house around the corner. It needed $50-60 k worth of work which would have put his total outlay above my top accepted range number.

My house needed zero work. It was only 10 years old. I don't screw around when I sell. Presentation is everything. Entire house was painted fresh top to bottom. Put in new carpeting in the living room and hallways. All personal items / clutter was moved to storage. House presented awesome.

It took the guy all of 5 minutes to do the math and figure out that even though my house was out of his purchase price range it was less than the total budget he was willing to spend.

He made an offer on the spot, above the maximum ask price.

Well done...but, as I said, I do this for one of my businesses and I understand the strategy...but I am not convinced that plotting a bidding war necessarily brings in any more money than pricing it correctly in the first place (although it may in some cases). Most folks shop for as much house as they can afford (realtors typically ensure that they do...and have them prequal). I have also seen this backfire (in CA)...where only folks with less money look at the home (who can't afford your "secret" price point)..and the house goes unsold for several months and the seller ends up having to sell to one of the lesser offers. Glad it worked out for you...but you may have been underpriced...even when you sold (hence the bids). I still contend that knowing and setting the correct price is usually the way to go...as not to waste everyone's time/money. Anyone who always sells for " thousands, even tens of thousands, over" is likely underpricing and leaving money on the table.

[stomachmonkey]

Originally Posted by EMJ

Why am I not surprised.

Every single one of my personal homes that I've sold - above asking price. In a hot market - thousands, even tens of thousands, over.

Originally Posted by fintstone

Really?

Yeah seems like it.

In the first sentence he said he sold homes above asking.

The second sentence he says in a hot market houses sell for thousands, even tens of thousands over.

But he did not say in either sentence that he sold his homes for thousands, or even tens of thousands more.

[fintstone]

Originally Posted by stomachmonkey

Yeah seems like it.

In the first sentence he said he sold homes above asking.

The second sentence he says in a hot market houses sell for thousands, even tens of thousands over.

But he did not say in either sentence that he sold his homes for thousands, or even tens of thousands more.

No. He said: "Every single one of my personal homes that I've sold - above asking price. In a hot market - thousands, even tens of thousands, over."

Nice of you to add a few words to help him out though.

[EMJ]

Stomach has it precisely correct, direct from my post. Nice clean breakdown. But not clear enough for you, huh, Fint? Very honorable.

[stomachmonkey]

Originally Posted by fintstone

Well done...but, as I said, I do this for one of my businesses and I understand the strategy...but I am not convinced that plotting a bidding war necessarily brings in any more money than pricing it correctly in the first place (although it may in some cases). Most folks shop for as much house as they can afford (realtors typically ensure that they do...and have them prequal). I have also seen this backfire (in CA)...where only folks with less money look at the home (who can't afford your "secret" price point)..and the house goes unsold for several months and the seller ends up having to sell to one of the lesser offers. Glad it worked out for you...but you may have been underpriced...even when you sold (hence the bids). I still contend that knowing and setting the correct price is usually the way to go...as not to waste everyone's time/money. Anyone who always sells for " thousands, even tens of thousands, over" is likely underpricing and leaving money on the table.

Most folks, the smart ones, when shopping for a house, budget for work that will need to be done.

Unless you are looking in a new community like a recent Master Plan having to set aside for work is a given.

That particular home was an anomaly. It was Long Island, Nassau / Suffolk border.

Unless you intend on living in the sticks on the East End a new build is a rare thing. It's an Island, sprawl is geographically limited. You know that old saying, they ain't making any new land. Applies double on an Island.

House was priced perfect for the current market.

$10k over his purchase budget which is what kept him from coming to look.

The house he was interested in was $20k under his purchase budget.

His total budget including what he held back for work was $20k over my ask.

It was a no brainer for the buyer.

This particular agent used that strategy almost exclusively with great success.

Daniel Gale Southeby's, they know a thing or two about selling homes, including what strategy to use in which situation.

That they are the premiere realtor in the area is no accident.

And in a hot market if you are not encouraging a bidding war you are almost certainly leaving money on the table.

[fintstone]

LOL. "Every single one of my personal homes that I've sold - above asking price. In a hot market - thousands, even tens of thousands, over."

He tried, but it is obvious that either you have not mastered the English language, or it is exactly as I stated. The very fact that he had to modify what you wrote (add a new topic) to appear you changed the subject shows that he realized that he could not make a case that you meant anything else as written.

[stomachmonkey]

Originally Posted by fintstone

No. He said: "Every single one of my personal homes that I've sold - above asking price. In a hot market - thousands, even tens of thousands, over."

Nice of you to add a few words to help him out though.

No, I just took into consideration his posting style and kept up with the context of previous posts.

No different than the way you say you have no problem understanding our friend over in the other forum.

[fintstone]

Originally Posted by stomachmonkey

Most folks, the smart ones, when shopping for a house, budget for work that will need to be done.

Unless you are looking in a new community like a recent Master Plan having to set aside for work is a given.

That particular home was an anomaly. It was Long Island, Nassau / Suffolk border.

Unless you intend on living in the sticks on the East End a new build is a rare thing. It's an Island, sprawl is geographically limited. You know that old saying, they ain't making any new land. Applies double on an Island.

House was priced perfect for the current market.

$10k over his purchase budget which is what kept him from coming to look.

The house he was interested in was $20k under his purchase budget.

His total budget including what he held back for work was $20k over my ask.

It was a no brainer for the buyer.

This particular agent used that strategy almost exclusively with great success.

Daniel Gale Southeby's, they know a thing or two about selling homes, including what strategy to use in which situation.

That they are the premiere realtor in the area is no accident.

And in a hot market if you are not encouraging a bidding war you are almost certainly leaving money on the table.

I don't doubt your story...but still suspect you would have gotten the same price if your ask had been the final purchase price. That said, you may have timed/priced it perfectly. Glad it worked for you. Personally, I prefer to price anything I sell at the top of the market and negotiate down if necessary. Seems to work for me...similarly to how your deal worked for you.

[EMJ]

Manipulating plain English, obfuscating that which is clear, hairsplitting, all common siblings of one thing, Fint: a liar. Which is ironic, considering you entered this thread in a position of honor against the heretical Philistines trying to scrounge an extra buck out of a willing buyer. I think you've proven the truth now, haven't you. Oh wait, you don't know what truth is.

[aschen]

This is what happens when you watch too much parf

[fintstone]

Originally Posted by stomachmonkey

No, I just took into consideration his posting style and kept up with the context of previous posts.

No different than the way you say you have no problem understanding our friend over in the other forum.

No obvious dyslexia here...so really not a fair comparison. Plus, I don't fix our friend's posts to keep him from looking like a liar as in this case, I only interpret when asked.

You are going to make him think that really does read and write reasonably well...which results in a lot of these posts where he misrepresents the posts of others and/or posts things totally different than he thinks he does. We both know better. This is far from the first time.

Your choice.

[fintstone]

Originally Posted by EMJ

Manipulating plain English, obfuscating that which is clear, hairsplitting, all common siblings of one thing, Fint: a liar. Which is ironic, considering you entered this thread in a position of honor against the heretical Philistines trying to scrounge an extra buck out of a willing buyer. I think you've proven the truth now, haven't you. Oh wait, you don't know what truth is.

See what I mean.

[fintstone]

Originally Posted by aschen

This is what happens when you watch too much parf

There isn't even that much stupidity in PARF.

[EMJ]

Slow day in PARF? Or are you tired of getting your ass kicked over there, too?

[stomachmonkey]

Originally Posted by fintstone

I don't doubt your story...but still suspect you would have gotten the same price if your ask had been the final purchase price. That said, you may have timed/priced it perfectly. Glad it worked for you. Personally, I prefer to price anything I sell at the top of the market and negotiate down if necessary. Seems to work for me...similarly to how your deal worked for you.

You know when that does not work?

When the house sits and the listing gets stale.

Which happens, a lot, for a variety or reasons.

But I will concede selling at the top of the mark is easiest to do when you have a bargain for sale.

Like if the homes value is far in excess of what the market will bear.

A good way to judge that is you can't insure the home for what it would cost (exclusive of land) to rebuild vs what you can sell it for.

[fintstone]

Originally Posted by stomachmonkey

...

A good way to judge that is you can't insure the home for what it would cost (exclusive of land) to rebuild than what you can sell it for.

This is common in flyover land. I have a home where rebuilding costs are $1.5M (not counting the 10+ acres it sits on). Probably wouldn't sell for better than about $650K.

Fortunately, I don't flip homes. I just use them as rentals...so I don't have to sell too many. I usually like them too much after I buy and fix them the way I want.