Last week I told you about a hot Glendale Home on Ridge. It was 3 bedrooms, 2 baths and had a pool with a lovely view. My friend, Anne, listed it for $499,000. She had multiple offers. The home is now in pending status and I thought a few details of what happened could help those of you who are active buyers.
First of all, Anne set a low price on purpose. This home was sold as a trust and the attorney wanted an auction-like scenario. Frankly, she could have created that with a price of $599,000- but $499,000 worked.
She received 40 offers.
Now, Anne is a true professional and she is not about to tell me what price was accepted, but she indicated that it was “high”.
There are some useful insights to be learned, here.
- With proper marketing and exposure, it is impossible to underprice a home
- There are a lot of buyers who have the ability to buy- don’t assume you are the only one.
- If you think it is a great deal everyone else does, too.
- Processing 40 offers is an insane amount of work. Make an offer designed to appeal to the listing agent as much as the seller.
- Know home values in the area you want to buy. Your offer should reflect exactly what you think the home is worth and not a reaction to the list price
So here is a question for you. If the home of your dreams has 40 offers- what would you do? Make an offer or walk away? Would the number of offers influence your feeling about that home’s value?