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Can I list my house at low price to attract multiple offers?

  • April 15 2012 - Alum Rock
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we have seen privately owned homes in our area pricing their homes to compete with the foreclosures and they have had very good luck with this, multiple offers, sold in under 30days, buyers more prepared to offer full price or above
  • April 17 2012
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Since my house's just been in the market for 3 days, I may counter offers back while waiting  for a few more offers.  Will choose the best of them.  Thank you very much for all of your comments and advices.
  • April 17 2012
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Take the all cash offer. 8)
  • April 17 2012
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Good luck with the offers! Fingers crossed for you!
  • April 17 2012
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Just counteroffered for the offer of $560K with 30% down payment.  I really think the housing market is picking up in San Jose, CA.  Another offer will be on the way this afternoon, $550K with all cash.
  • April 17 2012
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It is difficult to say if you will get a $580,000 offer from a $550,000, it all depends how much of a bargain will the property be at $550,000 to attract multiple offers.  Here in my neck of the woods, for you to get $580,000 the property has to be worth a lot more than that, like $675,000 or so.  What attracts multi offers is the feeling that the buyer is getting a bargain, and if he does not offer more, he will lose that opportunity.   The best I can tell you, is do your homework.  Good luck!!! 
  • April 16 2012
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I agree that you really need to know your market in order to maximize your offer potential. In our area, we are seeing multiple offers on properties that appear to be priced at or under current market value.
  • April 16 2012
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You can list it for that, but be prepared to sell it at 550k.
  • April 16 2012
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Thanks for all of your comments.  If I'd like to sell my house for 580K, can I list at 550K?
  • April 16 2012
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The best way to attract multiple offers is to under-price the home 10% under market value. This is what investors do that "flip" homes, and it always sells the home fast and many times for the best price.

But you have to know your market. Some areas this might be appropriate, where in other areas you will still get a lot of activity at market value. Price points make a big difference, because the pool of buyers is different. For example, in my area 125-150k is the sweet spot, and anything over 170k we tend to see less buyers at. 

At the end of the day your first priority is to attract showings. As far as I know people still don't buy homes off the internet they go look at them first. Without showings it is hard to sell a home. Marketing and a competitive list price accomplishes this. From there you can start to receive feedback on what objections potential buyers may have on why they are not writing offers.

Good Luck! 
  • April 16 2012
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I would recommend a Compartive Market Analysis witch will give you a range then you can list at the lower end of the range however I would leave at least 1% negotating room.  If you want to sell quickely your home needs to be the best for the price.  Does it need paint or updating?  Are there any repairs that need to be made?  Does it have curb appeal?  Its it cludderd with too much furniture?  making these small changes can effect the desire for your home as much a super low price.  Remember there are alot of people that cannot see beyond what they are looking at so prepare you home, check your compitition to ensure top status.  Good Luck!
  • April 16 2012
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Once you have expertise on the value of comps in your market you can use whateverr strategy you think will work.  Trying to draw multiple offers may work, but if you end up with seasoned buyers they also will not pay more than the comparable properties indicate.
  • April 16 2012
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It's your house so you can do what you want, but I think that you need to look at the comps that have sold to set a price on your house that will generate interest without making people think that there is something seriously wrong with the house.

The other side effect of severely underpricing is that it seems to draw the "loonies" and "pushies" out of the woodwork. Try to strike a balance between being well priced and slightly underpriced. 
  • April 16 2012
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Of course! I wouldn't suggest listing it too much below market value, however. There are additional things you can add to your listing to make it more attrative to potential buyers. You can offer to pay some of buyer's closing costs, offer a Home Warranty, etc.

Best of Luck!
  • April 16 2012
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You can, but you risk a strategy back fire whenever you drastically over or under price a home.
  • April 16 2012
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