50k difference realtor suggested price

24 Replies

I have a house that I’m needing to sell yesterday. Big nice plus a nice setting. One realtor which is a property manager went by the property and said the list price should be $295-299k. Another realtor and friend that I have worked with told be that I should do $349k.  He showed me comps a well. 

So I listed at $349k now Down to $335k 

No offers and 4 showings in two weeks. 

I want all I can get, but I’m worried that the first price option could of been closer to the truth and I don’t want a stale listing. 

Any thoughts?

You know the answer. If you need it sold yesterday, drop the price to where it will sell in a day. If you can be patient and want the high dollar, do all the staging and professional photography and decluttering and all that retail crap.

If you are not sure of the price where it will sell in a day, do more market research. I suspect the first agent was right. Impossible to know without the listing info, etc.

@Account Closed

Seems like your friend wanted the listing and was not aggressive with the listing price. They wanted to give you a price that you wanted to hear.

Seems like the PM agent was right.

Testing the market is the worst thing to do.

If you want it sold you should have been aggressive with the price from the get go..

Every property has a price in which it will sell in one day. To my mind, that's the true market price, or maybe just a tiny bit under. Ideally, you price it just low enough to get multiple offers. 

Most sellers want to get more than that, and some of them do, but largely what you get are situations like yours where you ask too much, then do multiple price drops. Often, you end up selling below the price you could have sold it for on day one if you had just priced it appropriately. Plus you get all the anxiety of the waiting game. 

Account Closed Not sure where your house is in San Antonio, so can't advise on pricing but don't die a death from a thousand papercuts.  No more 10K price drops.  Get it as low as you are willing to accept and get that bad boy sold.  Priced appropriately, I would think 20 showings in 2 weeks and you would be getting some offers. Good luck!

Hey Account Closed wording does not sell houses, price and location sells houses.YOU should know the sale price within a few thousand dollars before you buy it. My agent always asks me, "What do you think?" and then I usually go with his price. BUT we are usually only a few thousand $$ from each other, NOT 50k.

I would fire the current agent and re list it with the one who gave you a fair price that would have gotten the property sold for you in the first place.

Account Closed I think you got the message but I will pile on. Perhaps others can learn from your mistake. If you really needed to sell fast you should have never gone with the higher price.

Did you really think asking a higher price was going to help it sell quickly?  You were using what my dad called "Wishful Thinking" LOTS of bad investing decision are based on that kind of thinking. 

Account ClosedThe first seven to ten days after a property is listed should tell you everything. Four showings with no offer then it's the price. Keep in mind it is November and buyers are a bit more scarce and tend to be more choosy. Price is everything this time of year. An abundance of Inventory as well.Best of luck.

Joseph,

@Account Closed

@Rick Pozos @Jason Turgeon

Whereas many buyers try to beat you down on price no matter list pric. I was wondering if something like “bring all offers must sell by Christmas” would serve as saying, “we will take much less than listed”.

I talked to the listing agent a few days back and suggested adding “motivated seller” to the listing. He advised against that phrase and didn’t say why.

Originally posted by @Account Closed

@Rick Pozos @Jason Turgeon

Whereas many buyers try to beat you down on price no matter list pric. I was wondering if something like “bring all offers must sell by Christmas” would serve as saying, “we will take much less than listed”.

I talked to the listing agent a few days back and suggested adding “motivated seller” to the listing. He advised against that phrase and didn’t say why.

I would drop it to $299,000   have your agent host an agent/brokers only open house   and set a date 3-4 days later for final and best offer..

It might be too late to do this but its worth a try..  Holidays are coming up and buyers are likely on chill mode

 

I'm not in your market so couldn't even advise on that property. You hired an agent and let them work it. Especially if you know and trust this person.

I will disagree that it's always price though. I have had a couple that look small from the road but due to additions with full basements run higher than the other houses in the neighborhood. Sometimes considerably higher just because it has over double the square footage and is in excellent condition. Most times I have had a hard time getting people in. Once I do though I get the offers. I had one that sat for 30 days, 2 showings. Great feedback (That's a lot of house, doesn't look that big from the road, WOW... but not for my client). Open houses were pretty empty. So the key became just getting people in the door, not dropping the price.

I found out when the closest houses in that range were showing and Opened it up then just to get the "drive by traffic going to and from". I offered a bonus to selling agents figuring they would at least get their clients in the door to look when they were going between showings. Did the old school flyers on boards at local places with salaries that can afford it (Find the buyer who isn't looking to buy..... huge way to go). I called agents I know and basically begged them to just take a buyer in to look. We ended up with an offer then while under contract another agent figured they would just show it because it looked like something their new client would like (It was continue to show). Next thing you know an offer over asking and we were in "Bump land". 

So sometimes you have to go old school and actually talk to people, hang flyers and get belly to belly. Your listing sounds like one of those to me. Good Luck!

Sometimes we call that "buying the listing." Agents will say they can sell it for more to get a listing contract. Sorry that happened to you. :/ Drop the price and have the agent contact the people who have already looked at it. Occasionally even if the buyer I showed a home initially isn't interested, when an agent lets me know that the house is now priced correctly I'll take other buyers to see it who might like it. You can also do the obvious things like make sure it's staged well and take high quality professional photos, but if the price is off it's not even going to show up in buyers' searches.

Account Closed - I feel like we've done this broken record routine with you in the past. If it wasn't you, my apologies. Here's the quick recommendation: quit BSing around and lower the price of your house. And do it NOW. 

There's no wording, no MOJO, no voodoo doll, no St. Joseph burying, BP chatting or anything else that's going to affect the sale like the price will. FYI, if your home is worth more than $299k and you listed it at that per the 1st agent's recommendation, you'd likely have offers higher than list. That's the part of real estate many don't seem to understand.

Account Closed list it low enough and you will get multiple offers. In that situation you start negotiating them up. We have had houses we felt like we were pushing the limit at $35k. We wound up getting $45k. That is a BIG swing for such an inexpensive house. 

Account Closed so almost 3 weeks later, whats the story?? Did you drop the price, get some showings? offers? anything?

@Joel 

Account Closed Way to go!  Sounds like you might feel like you lost money, but education is expensive!  You know the game is still worth it! Did you listen to Brandon Turner on the Money Podcast recently?  He was terrible in the beginning!  Keep going!