4,571,967
A listing broker/agent is hired by the seller to work on behalf of the seller to achieve the best possible "result". Sometimes that is price but it could very well be other factors. So many variables come into play. Some science, some art and of course a lot of local real estate experience/market knowledge.
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John Juarez
Fremont, CA
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Ron and Alexandra Seigel
Carpinteria, CA
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Kat Palmiotti
Kalispell, MT
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Anna "Banana" Kruchten
Phoenix, AZ
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Kathleen Daniels, Prob...
San Jose, CA
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Steve Penner
Winnipeg, MB
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Elk Grove, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Greg Large
Grove City, OH
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Bob "RealMan" Timm
Minot, ND
2,436,099
The first thing I'd do is jump up and down with glee.
I'd price it at the current market price, which would take into account the lack of inventory and recent sales. If it's a great house and prepared well, there may be multiple offers and the price would wind up higher but.. if the buyers are using a mortgage, it still needs to appraise. So I wouldn't suggest pricing it over market price.
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John Juarez
Fremont, CA
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Sharon & Bruce Walter
Lafayette, IN
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Ron and Alexandra Seigel
Carpinteria, CA
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Eve Alexander
Tampa, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Ray Henson
Elk Grove, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Raymond E. Camp
Ontario, NY
2,061,632
I do. I don't believe in leaving money on the table. If there's a serious lack of inventory, I might recommend pushing the price a little... just to see what the market might tolerate. Or minimally, price at the higher end of my suggested price range. If we didn't ocassionally push the price... market values would never rise... amiright?
Once explaining that, I'd leave it up to my sellers. Do you want to try to push it, or do you want to play it safe?
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Ron and Alexandra Seigel
Carpinteria, CA
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Anna "Banana" Kruchten
Phoenix, AZ
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Michael Jacobs
Pasadena, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Bob "RealMan" Timm
Minot, ND
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
5,229,939
It has to appraise and I'll let the multiple Offerees determine where the price lands. More often than not, that price is higher than I would have felt comfortable starting.
THEN, I'll coach the clients on selecting the best Offer - the one that eliminates the appraisal contingency altogether!
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Sharon & Bruce Walter
Lafayette, IN
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Ron and Alexandra Seigel
Carpinteria, CA
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Anna "Banana" Kruchten
Phoenix, AZ
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Steve Penner
Winnipeg, MB
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Kasey & John Boles
Boise, ID
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
921,504
I would never price above what a buyer could CONCEIVABLY pay. Otherwise all houses would be listed at a million dollars.
What actually happens is directly related to the few tools the agent is proficient in using. Too many believe the appraiser has the final word and allows the bank to dictate the value instead of removing obstacles and allowing the market to dictate value. Ironically, ethics bound agents yielded conformity in saying zDevil is beneficial to the seller. Brokers, associations, franchises have made it clear agents should have NO CHOICE in this regard.
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Wanda Kubat-Nerdin - W...
St. George, UT
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Elk Grove, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
4,882,355
Depends on the seller's level of motivation. Why are they selling, when do they need to move, etc. Also you have to take into consideration will it appraise for this "ratchet up price"?
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Kathleen Daniels, Prob...
San Jose, CA
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Elk Grove, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
469,510
No. If you price it normally (at market value) - the buyers will do all the racheting. If you list high you just cut down on the numbers of folks interested in it and loose most of the bidding war potential.
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Kathleen Daniels, Prob...
San Jose, CA
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Elk Grove, CA
911,228
No. It's worth what it's worth so list it at that and let buyer demand push the sale price upwards. Although, it's the sellers choice. Hope for a cash offer or someone putting 25%+ down. Also ask for highest and best offer up front if seller doesn't want to deal with multiple counter offers.
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Elk Grove, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
2,390,437
Obviously WE as Realtors do not set the price, the Seller does. I always gave my input but then again I worked mostly with developers, Builders, Contractors, and they knew what they were going to ask even before breaking ground.
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Kathleen Daniels, Prob...
San Jose, CA
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Elk Grove, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
2,182,502
I launch it on Thursday, hold it Open on Sunday and as per the Seller’s request -All offers will be reviewed on Monday or Tuesday
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Kathleen Daniels, Prob...
San Jose, CA
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Ray Henson
Elk Grove, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
1,844,271
No I don't because it's still got to appraise. We've had problems over the last few months as usual. I let the buyers bid up the price.
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Elk Grove, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
5,104,931
Not necessarily... a house still has to appraise and generally the value of a house is appraised based on most recent sales in the subdivision. If it's in so much demand, let the buyers bid up the price and make sure they can cough up the difference if the appraisal doesn't come through.
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Sharon & Bruce Walter
Lafayette, IN
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Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
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Susan Hale
Defiance, OH
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Bob "RealMan" Timm
Minot, ND
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ActiveRain Member Support
Seattle, WA
6,392,929
Better to let the buyers bid it up, need to keep the price reasonable so that you create a crowd ready to drive the price up.
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Kathleen Daniels, Prob...
San Jose, CA
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Bob Crane
Stevens Point, WI
3,125,416
My job is to get the most money in little time for clients. If the price is in the upper atmosphere, it may sit and that is not the goal!
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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ActiveRain Member Support
Seattle, WA
2,781,153
Appraisers, lenders & the market all serve as a check and balance against those who have the gold and then they rule. Exception: If a seller carries back equity. "A house may be for sale but is it priced to sell"...Broker Richie
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Bob "RealMan" Timm
Minot, ND
693,775
I would discuss the options with my client, including what I believe the pricing range is, based on the recently sold homes, and then let my clients set the price. I would caution about going too high. Our market is really going well right now, multiple offers on many homes, but there are still homes that do not sell because they are priced too high.
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ActiveRain Member Support
Seattle, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
3,345,066
In my market. NO. Price it right - market competitive and the buyers will come with multiple offers way over asking price - many with no contingencies.
Buyers always ultimately determine the price.
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Sharon & Bruce Walter
Lafayette, IN
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Michael Jacobs
Pasadena, CA
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ActiveRain Member Support
Seattle, WA
1,052,186
Yes. Scarcity figures in.
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Anna "Banana" Kruchten
Phoenix, AZ
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Michael Jacobs
Pasadena, CA
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ActiveRain Member Support
Seattle, WA
1,239,801
95% of homes under priced gets 10-15% above market or CMA price here.
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Michael Jacobs
Pasadena, CA
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ActiveRain Member Support
Seattle, WA
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Bob "RealMan" Timm
Minot, ND
5,772,575
Great question, and I like so many of the comments, they all make great sense! So I have nothing to add. A
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Michael Jacobs
Pasadena, CA
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ActiveRain Member Support
Seattle, WA
148,276
Seems nationwide we are hearing and experiencing "Low Inventory Market." That being said, Sellers and their Realtors know that if subject house is in pristine condition, in high demand neighborhood, smells good and easily accessible it will sell quickly in a multiple offer scenario. I give Sellers my pricing recommendations and let the Seller have final say within reason. In this situation I would go with the high end of the CMA valuation and possibly $5,000 higher. As others have responded, Buyers set the values by pricing paid. If financing is involved appraised value is a factor as we all know also. If there is a shortage buyer needs to have the cash difference.
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Michael Jacobs
Pasadena, CA
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ActiveRain Member Support
Seattle, WA
3,587,835
Yes and we've done it many times over the years. Agent MUST know the neighborhood trends in order to be able to pull it off successfully
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Michael Jacobs
Pasadena, CA
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ActiveRain Member Support
Seattle, WA
900,128
Why not? Supply and demand scenario! However, it's best to be cautious and not too "crazy" with the price. More moderate pricing may attract more interested parties and the price will "ratchet" itself up via multiple competing bids.
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ActiveRain Member Support
Seattle, WA
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Michael Jacobs
Pasadena, CA
7,835,329
Nope. I would prefer to have multiple offers.
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Michael Jacobs
Pasadena, CA
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ActiveRain Member Support
Seattle, WA
1,502,998
Sometimes price a little under to get it higher in multiple offers.
Sometimes I've managed to sell them before they've finished being remodeled.
Depends on the time of year and other factors too. Homes in desirable school zones sell better closer to summer. Same with pool homes.
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Michael Jacobs
Pasadena, CA
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ActiveRain Member Support
Seattle, WA
1,543,623
No. I let the public do it for me. Demand produces multiple offers and above asking, and quick closings. Greed produces too many days on market and possible loss of potential gains.
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Michael Jacobs
Pasadena, CA
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ActiveRain Member Support
Seattle, WA
130,857
Overall it would be my general approach to stay within a range of value that has already proven to get results. Certainly do not give it away, but resist the urge to get greedy in the idea that buyers will overpay ... as the over priced listing will likely not sell (even with a scare supply)... and even if it sells will likely not appraise out.. and then when alternatives hit the market you have lost your opportunity .... then your listing gets a reputation and becomes stale.
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Michael Jacobs
Pasadena, CA
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ActiveRain Member Support
Seattle, WA
1,311,397
It is comps that dictate pricing for me. In a changing market, the price may reflect optimism or pessimism about what is happening in the market. Shortage of inventory often spurs multiple offers which results in a higher contact amount.
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ActiveRain Member Support
Seattle, WA
763,783
Overpriced is overpriced in any market at anytime. Overpricing a home leads to less showings and a lower ultimate sales price. It is also the cause of expired or canceled listings most often. It also affect the agent's reputation to the public and fellow agents.
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ActiveRain Member Support
Seattle, WA