I sold two houses yesterday. Been a while since that happened. Always fun.
One was a new listing of mine and the other was a house for one of my buyers.
Two totally different situations.
I put my listing on at a competitive price. Not so high that it would scare off buyers, but just a bit over the recent sales with the hope that somebody would be afraid of losing the house and pay full price.
Four showings the first day and three offers. The first offer was a little under the list price. The next offer was the list price. The next one wasn’t the list price. The people who made the first one raised their offer and got it….but they came close to losing it.
The first people should have thrown out their highest and best offer right off the bat. It would have saved them from potentially losing it. For me personally, it would have meant eating a warm dinner. It was taco night and I love tacos.
When a new listing is priced right in this market, you should always make your best offer. You want to send an offer that the seller just wants to sign. Going back and forth takes time, and time is what other buyers need to prepare their own offer.
The other house I sold had been on the market for quite some time. Nothing was wrong with it at all. The only problem was the price. The seller started nearly $30k over what the sale price will be. They reduced it slowly all winter. My buyers almost didn’t look at it just because of the price. We made an offer. It was countered. We countered. They countered again. We went out and looked at more houses. They came back at a lower price and it all worked out.
I really think that if this house had been listed at a realistic price, it would have sold quickly and probably for more money.
Two houses in Lexington. Two totally different outcomes. Price makes all the difference, even in a hot market.