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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.
Where have you been the past year? Houses routinely have multiple offers the first day on the market these days. Anything lingering after a week probably has serious problems.
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.
How many showings did your friends have?
How many offers did your friends have?
What was the appraisal value on the sales and how did they compare to the sales prices?
What were the other terms of sale that led them to accept?
If you don't have the answers, you are probably jumping to confusions.
It is not uncommon for houses to sell very quickly, at very high prices, in a great many markets.
And....
One thing Jim Cramer gets right: "Pigs get fat. Hogs get slaughtered."
How many showings did your friends have?
How many offers did your friends have?
What was the appraisal value on the sales and how did they compare to the sales prices?
What were the other terms of sale that led them to accept?
If you don't have the answers, you are probably jumping to confusions.
It is not uncommon for houses to sell very quickly, at very high prices, in a great many markets.
And....
One thing Jim Cramer gets right: "Pigs get fat. Hogs get slaughtered."
Neither of these were what I would call expensive homes. Both were under $250K. One is down South and the other in the Midwest.
The one that sold in a day, only had that one showing and the couple made an offer which they accepted. The seller's realtor was there during the open house. She was all excited about it they told me and she gave them a big congratulations. I recalled that about 8-10 before this, he also sold his home very quickly (over a weekend) and bragged to me about it.
The one that sold in 60 hours had two offers. One that was the asking price, which they accepted. But financing for it didn't happen which they found out about the next day, so the other offer which was all cash came in $8K lower and they accepted that. They told me the realtor said they could then pack and get on with their lives which really appealed to them.
Neither party had found a home in their new location yet. One was moving to retire in another state to be near family, while the "60 hour" one had a job transfer but was told to continue to work from home until Jan/2022 anyway. In both situations, there was no hurry to sell their homes. They could have allowed a month and or more to look at other offers. The houses didn't seem overpriced to begin with from what I remember their discussions, but both repeated to me the hype they got from the realtor about listing their homes that they would sell quickly.
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.
But what I don't get is why these sellers didn't push for a higher asking price. When I sold our last home, it was a job transfer so I wasn't paying for the relocation or realtor's fees. The realtor we selected for the listing wanted to price the home much lower than what I thought it should be, but agreed to what I wanted to list it at. Within 2 weeks an offer came in we accepted and it was much more than the original listing price the Realtor recommended. I work in business and don't have any emotions tied to these transactions, and I think these two parties allowed themselves to be manipulated into not only taking less money, but feeling overjoyed with the outcome. I guess that's good salesmanship, but not good for the sellers.
Based on what they told me, there weren't any special terms or circumstances of the sale.
Where have you been the past year? Houses routinely have multiple offers the first day on the market these days. Anything lingering after a week probably has serious problems.
All the more reason they should have had a higher asking price to begin with.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Your friends have nothing to brag about, because all homes are selling fast, and if they got "their asking price" they should be ashamed or at least unhappy, because homes are all selling for well over the asking price.
Neither of these were what I would call expensive homes. Both were under $250K. One is down South and the other in the Midwest.
The one that sold in a day, only had that one showing and the couple made an offer which they accepted. The seller's realtor was there during the open house. She was all excited about it they told me and she gave them a big congratulations. I recalled that about 8-10 before this, he also sold his home very quickly (over a weekend) and bragged to me about it.
The one that sold in 60 hours had two offers. One that was the asking price, which they accepted. But financing for it didn't happen which they found out about the next day, so the other offer which was all cash came in $8K lower and they accepted that. They told me the realtor said they could then pack and get on with their lives which really appealed to them.
Neither party had found a home in their new location yet. One was moving to retire in another state to be near family, while the "60 hour" one had a job transfer but was told to continue to work from home until Jan/2022 anyway. In both situations, there was no hurry to sell their homes. They could have allowed a month and or more to look at other offers. The houses didn't seem overpriced to begin with from what I remember their discussions, but both repeated to me the hype they got from the realtor about listing their homes that they would sell quickly.
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.
But what I don't get is why these sellers didn't push for a higher asking price. When I sold our last home, it was a job transfer so I wasn't paying for the relocation or realtor's fees. The realtor we selected for the listing wanted to price the home much lower than what I thought it should be, but agreed to what I wanted to list it at. Within 2 weeks an offer came in we accepted and it was much more than the original listing price the Realtor recommended. I work in business and don't have any emotions tied to these transactions, and I think these two parties allowed themselves to be manipulated into not only taking less money, but feeling overjoyed with the outcome. I guess that's good salesmanship, but not good for the sellers.
Markets vary, but two offers in 60 hours in my local market, below $250,000, would be a disaster. Overpriced or fundamentally flawed home. Or both.
The other one? I dunno, but...
"Packing and getting on with life" is related to "A bird in the hand is worth two in the bush."
Your friends have nothing to brag about, because all homes are selling fast, and if they got "their asking price" they should be ashamed or at least unhappy, because homes are all selling for well over the asking price.
Those were my thoughts as well. I believe they allowed themselves to get caught up in the realtor's agenda. As if they were working for the realtor, instead of as the people who hired the realtors.
Markets vary, but two offers in 60 hours in my local market, below $250,000, would be a disaster. Overpriced or fundamentally flawed home. Or both.
The other one? I dunno, but...
"Packing and getting on with life" is related to "A bird in the hand is worth two in the bush."
If the two sellers are happy, why poke at it?
Don't get me wrong. I'm happy they are happy. I didn't tell them what to do or what they should have done or even share any concerns. I just find the situation odd and wondered if others have seen this happen or know people like this too. Poking at it, cause I'm trying to understand their thinking. I see homes listed all the time asking for big money and then lower the asking price, and then they get an offer after a month or so. Just seems like a normal thing to do, and neither of these people have done anything like that. The thing is, both were not in a hurry, but they were made to believe they should be. I find that troubling.
Last edited by rummage; 10-18-2021 at 08:50 AM..
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