Line Heard Most Frequently in the Real Estate Community -
"We're not just giving it away"
I have no statistics. This is completely unofficial. Just one of those, "if I had a dollar for every time I heard this"... type of thing.
My point is - from everything I've observed - there's really no such thing as giving away real estate.
If a house is very well-priced, and I mean this from the perspective of the careful analysis of a recent market, and not from the homeowner's love of everything turquoise and her extreme reluctance to part with it, then interest will be high.
A buzz will be created and buyers will be coming out of the woodwork to view it and to exercise their option to buy it. Multiple offers will come in; a bidding war will ensue and, before you know it, the sold price will be right back up to where it was always supposed to be.
The same strategy was always employed with short sales and foreclosures. A ridiculously low asking price generated a long list of prospective buyers. By the time you were instructed to deliver your "highest and best" offer, the sale price was not so far from what one could reasonable expect the house to sell for in that market minus the cost of repairs.
Traditionally, my family has greatly anticipated annual super sales. Only crazy, doorbuster pricing for 65" screen T.V.'s with a fancy remote or all-in-one p.c. could compel a middle-aged man with various neck/back/leg complaints to spend a frigid night sleeping outside the local electronics store except for the golden opportunity to walk away with one.
Consider this basic economic concept - a restricted quantity of goods, offered for a song will always amount to a horde of people lined up around the block - many still in their pajamas! At least in real estate, that crowd will push the price up.
Homeowners: Have no fear! If your house is really that well-priced, you will certainly know it. Demand for your property will be great and you will definitely not have to "give it away" unless, of course, you're inclined to.
The real estate game is played by getting in and out of the market quickly, before hardly anyone even notices you're for sale. That's why agents push so hard for accurate pricing. You want buyers to chase you and not the other way around!
No matter how you spend your day, come home to this
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ABOUT THE AUTHOR: Graduate REALTOR Institute
Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
Specializing in Lifecycle Real Estate Transitions
©Jill Sackler 2010