To sell a house in western Washington state (agent, sale, comparable)

[cspeaker]

I'm about to put my house on the market and would like advice as to the best way to attract a buyer. Obviously, it's a buyer's market and there are tons of houses for sale in my area, Maple Valley. I've spent the last 5 months perfecting my house for sale and I think it looks great. I've sought out and followed through with every staging advice I could come across.

What I need to know at this point is how to market the house in terms of pricing and bonuses. Is it better to price the house as low as I can go or is it better to offer to pay the buyer's closing costs and price it that much higher? Or I could go somewhere in the middle and offer a buyer bonus. Here are the numbers I was thinking:

a) $420,000 includes $12,000 closing costs paid

or

b) $413,000 includes $5,000 buyer bonus

or

c) $408,000 bottom line

My house is unique for the area with a half acre yard, 3 bedrooms, 2.5 bathrooms, 3 car garage, built in 1994 and in good condition. A similar house down the street has been on the market for over a month at $424,900 with no bonuses whatsoever. I would like to sell before fall.

I am not seeking legal advice, only opinions based on experience with what current buyers are wanting.

[olecapt]

It all depends...

Some of it is local custom.

Generally price is the biggest mover. Given a set of houses of roughly equal value the least expensive sells first.

If you are in a big hurry and it is reasonably important to you to move out quickly...pick your bottom price.

If you can wait a few months and it is not the end of the world if it goes six or nine...go for the best reasonable price. And then wait.

I always price with at least two points to give away. I don't care how sophisticated they are...they always want a bargain.

I am skeptical of agent or buyer spifs. In the dicker you can agree to provide closing costs and such. Another reason to start out a couple of points high. Cover the buyers agent at the going rate...they are elephants...never forgive nor forget. Stomp all over your case if crossed.

[mlv311]

I'm not a REA, but I'll share our experience as recent sellers in Western WA. We didn't price our home based on what the other homes were priced; we went by what other comparable homes had sold for in recent months. The homes in our neighborhood were way overpriced; therefore, they stayed on the market for months at end and would be taken off for a month and relisted. Like you, we wanted to sell so we aimed to price fairly. Our home had a great location, great lot, and was in excellent condition so the price attracted a lot of potential buyers. The first weekend we got multiple offers. I don't think you need to mention offering closing costs. It's something you can negotiate as part of the contract. Also, if your home if fairly priced, you can get an offer above asking price to include closing costs. That way you'll be getting most of your asking price. Good luck.

[cspeaker]

Thanks to both of you! I'm considering just going with the lowest price now. I'm starting think that would attract more buyers.