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    Frenzy or Focus : Which strategy R U?

    It’s not very often there is a chance to compare two strategies simultaneously demonstrating both pricing options when sellers are ready to sell. Until the story of Jim & Joyce (names changed).
    Jim and Joyce are combining households who will be purchasing a new home for their next chapter together. It’s a super love story!
    When it came time to pricing both of their homes to sell, as part of their seller consultations we discussed the marketing plan, market conditions and proper pricing.

    Did you know that as your real estate professional I am not telling you what price you should list your home? That’s right!
    What I do is provide you with information to make an educated decision. That includes pricing strategies because it’s your time and your money. The list price is what we market to the public and the buyer determines the price it will ultimately sell for. Yes, as the seller of course you have control over many of the details and what you finally accept.

    So how do you maximize your net proceeds at the closing table?

    Option 1: Jim likes the FRENZY of lots of showings, open house, a revolving door of interest and excitement. Jim is hoping to have a multiple offer discussion where we review all the offers and select the most solid deal that works in his best interest. When deciding a target asking price we would select a conservative, fair number that is easily supported by recent relevant sold properties. (That’s the simplified version, of course there is a lot of discussion around this before the house comes to market.)

    Option 2: Joyce wants to avoid all the frenzy and FOCUS on the first offer that meets her terms. She is ambivalent about nosy neighbors poking around. In her neighborhood open houses aren’t an ideal marketing strategy anyway.. It’s challenging for Joyce to leave for every showing with the dog and disrupt her daily routine working from home. Like Jim, Joyce also wants a solid deal, maximizing her net proceeds.

    Different personalities require different strategies. There isn’t one way to get what each of them want. Joyce says she will be satisfied with the first offer that meets her needs. For Joyce we listed at a slightly higher price knowing that we may need to negotiate, however we want clean terms and a solid deal.

    What were the results? I bet you are wondering.

    Jim had 22 showings, 5 offers and sold $55,000 over the asking price after 3 days on the market.
    Joyce had 11 showings over 10 days, had 3 written offers (2 at the same time) and sold for 99% of the asking price.

    Isn’t it great to follow the process!! What seller R U-frenzy or focus?

     

     

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