One of the reasons Sellers work with our Team is our ability to provide accurate pricing recommendations. Gone are the days in our real estate market when a Seller prices their home on the high side of accurate, setting the ceiling, expecting a Buyer to negotiate the price down. In today’s market, our listing prices are more like an auction reserve price. The Seller sets the floor of what they are willing to accept with their list price and then they let the bidding process happen. Often, the combination of best price and terms wins. With this philosophy, there is no ceiling. Numbers and data are constantly moving especially in an unprecedented market like the one we are in. Knowing this, we look at and discuss pricing with our clients before we accept a listing and again prior to market. It is critical we are on the same page as every home and every price point is different. Pricing a home is always a combination of our recommendations, current data, and a Seller’s desired level of risk. Often when you hear of a high offer count, it is because the Seller chose to price low and because they have a home that is attractive to all ages. When you hear of no offers or a lower offer count, it can often be attributed to a higher list price or a home that attracts a smaller Buyer pool.
If you are a Buyer who has fallen in love with a home, the very first questions you need to ask our Buying Team are, “What is the accurate value of the home and what is the expected competition level?” We can then advise you as to what we think it will take to be successful in multiple offers! As you navigate the home buying process, make sure you know your budget and understand your limits. We are beginning to see random appraisal problems given the elevated prices in our marketplace so discussing this upfront with our Team and having a plan in place is critical. The market is changing daily and given the opening of the state on June 15 and graduations/travel allowed again after 16 months, our market will likely shift again as some Buyers in our marketplace get distracted. Our recommendation to our Buyers is to stay awake and aware!
Whether you are a Buyer or Seller, we do not take the trust you place in us lightly. By asking questions, we can advise you at a high level.
Dana Green