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A couple of years ago I wrote about a deal on a property I ran across. It was priced around $330,000. At the time I said that it would have around $75,000 equity. It sold for $300,000. The most recent comps in the neighborhood have sold around $400,000 in the last couple of months. Also of note, it was only on the market for about two weeks.
Since then, I have posted a couple of other times about properties that looked like good deals. None of them were on the market for more than a couple of weeks… often less.
I have also been working recently with a buyer that made 7 offers before getting one through. In 4 of those cases (at least) the properties were in multiple offer situations. Our offers were close to (in one case… OVER) list price. These were properties that were on the market LESS than a week. He wasn’t the only one… other buyers I have dealt with over the last year have been in the same boat… lots of offers and a lot of multiple offer situations.
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So, in what is supposed to be THE worst housing market since Adam and Eve were foreclosed in the Garden of Eden, there are properties selling for OVER list price, within DAYS of coming on the market. Of course, there are others that languish for months (or years) without so much as an offer… and barely a look.
If you are a seller, the secret is the price. If you are giving it away, there WILL be a line. A low price MAY actually start a bidding war… or it may not. But price HAS to represent value to the buyer.
If you are a buyer, time may NOT be on your side. Low prices and killer mortgage rates are pulling people in. There is a good chance that the property YOU are attracted to, if priced right, will be attractive to someone else. Make realistic offers (regardless of the list price).
Of course, a LOT more goes into it… if you need an agent that understands it, feel free to give me a shout.
Here is a link to the original post…
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