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When I listed my condo for sale. I wanted to list it for $210K thinking that was optimistic, but I might get it. My Realtor wanted to list it for $229K. I said sure, since I figure he would know best and not want to waste time.
I got two offers within two weeks. $216K and 229K.
My thought is this...when it comes to searching for a home, generally people will search for houses within their budget. If their budget is 225 and you have your house listed for 229, it won't even come up in their search criteria.
Now, that said, how did you pick this agent? There's a phrase in this industry, " buying the listing," meaning the (usually inexperienced) agent appealed to the seller's appetite for profit (as opposed to reality) and was chosen based on being the highest list price. Don't fall into that trap.
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Good question. I did an internet search because I was looking for a realtor who would accept less than 6% since I am retired and can do a lot of the work involved in selling a house on my own. I interviewed the gentleman I selected after reading many reviews on line. He is in the top 10% of sellers in Colorado Springs and has almost 20 years experience. He has just moved from working for another company to forming his own. He ultimately is charging 5%.
My thought is this...when it comes to searching for a home, generally people will search for houses within their budget. If their budget is 225 and you have your house listed for 229, it won't even come up in their search criteria.
A lot of search criteria have their pricing listed in 25K blocks
You think he maybe slightly optimistic at getting $225,000, but you want to list it at more? Why? That doesn't make sense if you want to sell it in a timely fashion.
List at $225,000 since you think that is slightly high. Listing at $229,000 makes it "really" optimistic.
Exactly. If you think his lower figure is slightly optimistic, listing it even higher doesn't make an ounce of sense. An experienced realtor is an excellent judge of how much a property can sell for and has a lot of incentive to get the home sold quickly, since it's in both of your best interests. I suggest you take his advice.
A lot of search criteria have their pricing listed in 25K blocks
So $224,900 might be a better pricing option.
In the internet age, price it at even numbers. That way you'll get people searching for anything between 200-225 AND 225-250. With the old school way of thinking, you'd only get people searching for 200-225.
Just to explain, the comps in this development are all over the place. Lowest $200,000 (slightly smaller, not an end unite). Highest $239,000 (end unit, so larger, but it seems unrealistic). And, several have literally sold within 4 days.
I am enjoying reading your advice!
What was the relationship between asking price and selling price on the most recent comps?
The preponderance of advice seems to be to list it at what the realtor has suggested, so that is what I will do.
I will ask him whether $225,000 is a problem over 224,900.
Again, thanks to all of you!
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