Profile picture for ycnim

negotiate price

I thought people priced their homes to allow wiggle room to go down or have buyers barter.  Is this not true anymore?  If I price my house on the higher end, I would be willing to accept an offer that was 2-4K lower. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 16 2010 - Hermitage Hills
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (7)

 

Why not be aggressive. Start off with a price that will make the phone ring on a Thursday and let everyone know there will be an open house on Saturday and you will be reviewing contracts on Monday. Then when people all show up because it's a great deal you will get what your home is worth. This way only your REALTOR® is present and he can answer questions for you. You may be surprised to see several contracts with a Highest and Best. I've done this on a Short Sale that was listed at 360k fair market value being 355-365 and received 5 contracts gaining an additional 10k on the list price with no closing help at all. I'm closing that deal in 90 Days from date of collecting every document to closing date. Every Market is Different.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 12 2010
The worst thing in the world you can do is follow the market down. That's what happens when you change your price after not getting any showings. The danger in this is 80% of your buyers will see your house in the first 2 weeks, after that it falls off the face of a cliff with a thud. Pricing your home just under comparable homes in the market, while having great photos, virtual tours and other great marketing must haves that a respectable realtor would have at their disposal, is non-negotiable.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 12 2010
If you price your home on the higher end, most people will not submit an offer. Email me with the address of your property and I will help you with comparables in your area.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 11 2010
There are two current schools of thought on this.  The original theory was, as you said, you price the home a bit high to allow negotiation.  However, in this market, the most interest in a listing is generated in the first couple weeks after it is first listed.  If your home is initially priced too high, some potential buyers will never get a chance to see your home.  In some areas, competitivly priced homes are frequently selling above the listing price.  Talk to your agent to find out more about your area.  Hope this helps.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 23 2010
Profile picture for ycnim
THANKS GUYS!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 16 2010
In this market, you need to price your home RIGHT... There's always a range but if you place it too high, you'll scare away buyers and too low, you're giving money away.

Have your listing agent process a CMA (Comparative Market analysis) of what recent, similar homes in the area sold for and price it accordingly.

Pricing high will only cause your home to sit and be passed up. Also when a Buyer is looking into a specified price range, it may not appear in MLS.  again, losing an opportunity to sell.

Todays market does not allow for much wiggle room.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 16 2010
You need to talk to your Listing Agent about what your initial listing price should be.  He/she should have provided you with a CMA (Comparative Market Analysis).  So you know what comparable homes in your market sold for in the last 3-6 months.  You also know what comparable homes are currently on the market and where they are currently priced.  You need to price your home at an initial listing price that is reflective of your market, with the knowledge that if you don't have any showings, you should reduce your listing price after two to three weeks. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 16 2010
 
Related Questions
When to advertise in paper for Open House
Profile picture for Skip Young
Latest answer by Skip Young
July 12 2010 | 6 answers
negotiate price
Profile picture for Skip Young
Latest answer by Skip Young
July 12 2010 | 7 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 5124 Mountainbrook Cir LOT 239, Hermitage, TN Home For Sale
    5124 Mountainbrook Cir LOT 239, Hermitage, TN 37076

     For Sale: $342,757

    • Beds: 4
    • Sqft: 2794
    • Baths: 2.5
    • Lot: --
  2. 5104 Mountainbrook Cir LOT 244, Hermitage, TN Home For Sale
    5104 Mountainbrook Cir LOT 244, Hermitage, TN 37076

     For Sale: $321,172

    • Beds: 4
    • Sqft: 2683
    • Baths: 2.5
    • Lot: --
  3. 7031 Bonnamere Dr, Hermitage, TN Home For Sale
    7031 Bonnamere Dr, Hermitage, TN 37076

     For Sale: $138,900

    • Beds: 3
    • Sqft: 1390
    • Baths: 2.0
    • Lot: 13068