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Yeah, the concern we have is that because the guy flips (he owns other properties in the area, though his daughter is currently renting this one), and because there were disclosed water issues in the basement (which is now finished), that the basement finishing may be a shoddy cover-up of other issues. So we offered what we thought the house was worth--period. If someone else appeals to this guy's ego with their offer, by all means they can have it. We just want a house at a reasonable price, thanks.
MAM--just wanted to update you. We did not get the house--we were in 2nd place, which means that someone must have offered at least $20K more than the asking price. No thanks! Apparently they also waived their financing contingency and also had 40% to put down, which would have beat us out no matter what. Well, I guess the seller got what he wanted with that price--it's gone under contract within five days, so he's moving it quickly. I dislike it, though, when houses are purposefully priced to start a bidding war. It puts the stress on buyers, rather than on the seller.
so it's better to price it at 450 and wait to get an offer of 430, than price it at 399 because people won't bid it up to 430? makes sense.
I would say neither. If it's likely to sell for 430k then price it at 430k. In a declining market if you price it at 450k and wait, 6 months later it may only be worth 415k. Now you've lost 6 months and 15k. Then you have a longer days on market which means buyer wants to beat you up on price even more thinking you're desperate.
So price it as close to projecting selling price as possible. Nobody ever said drastically undercut the market.
Where are you located? This is what's going on in Seattle right now. We're getting ready to make an offer on a house that went on market 2 days ago... it's priced very competitively, as have almost all the properties we've looked at in the last 2 months. We are expecting a multiple-bid situation and have included an appropriate escalator clause, as we did with our last offer. The only houses that have not gone into escrow within a week around here, are the ones that are priced HORRIBLY and refuse to budge on that... even after months sitting on the market at the exact same price. Crazy sellers or realtors working for them, I don't know which, but I don't know why they are even bothering to put their homes on the market with that kind of attitude.
We are in California, LA county right now. Just this weekend a house came on the market two streets from us. I went to the open house because a friend who is interested asked me to check it out. Same afternoon that status was "back-up offers" on the MLS. This house was relatively clean for the area but not the best floor plan IMO. It was priced probably 5% bellow market and sold in 2 days or less. I think this agent is much smarter than someone who prices the house way above the market value. One open house and in escrow.
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