My regulars know that I have been playing “What’s my Price” on this cute Glendale home for sale.
You all took a survey and I posted the results: 42% felt the sales price would be between $675,000 and $700,000.
The sellers and I sat down with the results and the information and chose a pricing strategy designed to overcome the buyer’s fear of a short sale. We also wanted the potential buyer to focus on the amazing backyard and prime location and less on the condition of the home.
The sellers chose an event price strategy– $599,000, and I immediately started helping buyers and agents understand our strategy and the facts we used to establish value.
Did it sell?
It was a whirlwind 10 days. While I knew that 1446 Cleveland was a very desirable home, even I was surprised by how popular the home became! We received offers almost immediately, with entreaties to stop marketing the home and accept the offer right away.
Event pricing is becoming a more common price strategy. Here are some of the best practices that I observe in great buyer’s agents:
- Call the listing agent to find out the ideal scenario for the seller
- Give the listing agent a brief statement that tells why their buyer is best suited to that scenario (NOT, “my buyer is well qualified”. That is a given)
- Find out what the listing agent will and will not do and when
- Follow up with the listing agent to see if there are any changes
That’s nice. Did it sell?!
Opps, sorry. I was distracted. Yes! In the end we received 10 offers, a few below list, many within $5k of list and a few were a lot higher than list.
The buyers that came in with the higher offers were all very motivated and knowledgable about recent sales in the area. They understood the value this house represented to them and they made offers accordingly.
The terrible truth is that one buyer is really happy and several more very disappointed.
But wait! You didn’t tell me how much!
I really can’t do that until we close escrow. If everything goes well we will close escrow in about three to four months- but a lot can change in that time period.
Stay tuned to this Bat Channel and I will update you whenever something significant happens.