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I sold my San Fran condo, in 2 days, first offer was bit over asking. Could I have got more? I think so. But I was buying another house, and quick suited my needs.
In other situations I was content to wait, to maximize the money I rec'd.
I know a couple people who did that in 2007/2008. They waited too long and lost out on the inflated prices.
I know a couple people who did that in 2007/2008. They waited too long and lost out on the inflated prices.
And my cousins had a different problem, they sold for a good price, and took so long to find the perfect house, prices skyrocketed and they couldn't even afford anything.
As with anything, you need to take the market into account.
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In markets where houses routinely get multiple bids, it's probably better to have it sell over the first weekend where everybody bidding knows there are other offers coming in. It also helps in negotiations after offer acceptance (buyers have less leverage). After a week or two there might be another bid coming in that buyers have to compete against but not 5, 10 or even 20 like on opening day.
Quote:
Originally Posted by oh-eve
I don't think it works like that.
You collect offers for several days and review them with your realtor. Then you decide. But you can still say it sold within 48 hours because the offers started rolling in already. You just haven't accepted yet.
I would think a good realtor would advise you not to take the first best offer. At least mine did not.
Quote:
Originally Posted by Mikala43
Depends upon what the seller needs.
I sold my San Fran condo, in 2 days, first offer was bit over asking. Could I have got more? I think so. But I was buying another house, and quick suited my needs.
In other situations I was content to wait, to maximize the money I rec'd.
None of you answered the "bigger brag" question, but M43 came closest.
None is a brag. Everyone has a unique situation with a unique solution.
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The entire thread is based on people bragging, hence the title.
Well, it is the OPs interpretation of what he has heard, and considers it bragging.
Plus, a lot of people brag, thinking their situation is unique, and it's not. I'm sure we have all heard people bragging about something and thought "that is normal, nothing to brag about."
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I know a few home owners who brag to me about how quickly their home sold once it was on the market. One said it took 60 hours, another the same day it was on the market. In both cases, they got their asking price. To me it signals they didn't have a high enough asking price for the home to begin with. Maybe these people are just getting pumped up by their realtor that they need to move fast to sell. If so, it's another reason not to list your home with a realtor, cause their commission on an additional $10K isn't much money in their pocket, but it is for the seller.
Normally I'd agree with you 100%
This market isn't normal...............and realtors play games with listings, like showing it before it hits the MLS so it appears it sold in one day. Pulling the listing, then relisting it a week later and then "oh it sold on the first day"
A house down the street listed for 950K, buyer signed at 986K.........the glitch is now it has to appraise or the renegotiating starts all over again.
They should just be glad home prices have skyrocket so much lately, and be thankful. What goes up , must come down. Someday, it will be back to waiting months, or a year to sell your home.....
Well, if it is going to sell quickly and people are frantic about it, as a homeowner it seems logical to start off asking for more and then drop the price if you need to. I know based on a realtor's commission, it doesn't matter much to do this and they all want a quick sale. But the sellers I think should know better.
You forget that if they're borrowing to purchase, the house has to appraise or the lender won't offer a loan. When I sold my house in San Francisco in a seller's market, I had an offer that was 15% above asking, so before we accepted the offer, my realtor asked the buyers' realtor to provide proof that they could come up with a higher down payment if needed, and they did. But not all buyers can do that.
Also, when a home sits and the price drops, people start perceiving that there are problems with it - or that the seller is unrealistic and will be hard to work with. Neither may be true, but in a fast seller's market, it make sense that there would be suspicion about a house sitting for any length of time.
I'm in a desirable area of Florida. Most decent houses don't stay on the market more than a few days. When my niece was looking for a house there were multiple bids on several properties she liked - one had 40 bids in just a couple days. And no, the houses aren't listed low to drive up bidding, the market here is overinflated for sure.
You know the phrase 'a bird in the hand'? Some people don't bother looking at the bushes. That 50k you *think* might happen isn't a reality.
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