I mentioned the strategy we employed on Avenida Sierra.
After a low-priced new listing came on the market at $1,350,000 the day before we were going to launch, we lowered our list price from $1,595,000 to $1,395,000 to ensure that we were as attractive as any of the six competing listings (four of which had hit the market in the previous week).
Because the $1,350,000 was only seven doors up the street, we had to go head-to-head. You can’t just shrug it off – if we would have launched at $1,595,000, all we would have done is help them sell!
How did it turn out?
We received multiple offers, and I ran our sales price up to $1,550,000!
It is easier to go up on price, than down!
We are the only listing that has been marked pending too:
I raised the list price to reflect the sales price, and send a message to others that more is possible!
Wow! Just 4 days on the MLS and BAM!
This is not rocket science, folks! Just a lot of hard work, skills and determination from the great folks at Klinge Realty!
Congratulations, Jim! You hit another one out of the park!
Nice job Jim and Donna
Mortgage rates began to rise after 2016 and reached their peak at the end of 2018/start of 2019 as employment and the overall economy was strong and growing.
Politicians decried the Fed’s rate hikes back then. Rates on a 30-year fixed rate mortgage (FRM) ran between 3.95% on the low end and 5.34% on the high end…..not that much lower than today’s rates.
Rates are down a lot today! Jumbo 30-yr fixed in the mid-to-high 4s.
Congratulations, Jim! You hit another one out of the park!
This one has to make you feel good about the value of your house! You gotta be pushing a million!
Book ‘em Danno (another sale).
A true professional. Worth every penny (2-3%) as a listing agent on this property. I want you on my team and so should others. Sales is an Art and not a Science.
This one has to make you feel good about the value of your house! You gotta be pushing a million!
Based on recent comps around us, yes. Absolutely pushing a million! But, where would we go? Back to Phoenix!? LOL! Nope!
We’re staying put and making some home improvements.
To clarify please:
What you did was raise the “asking price” which is the “list price” in your mls, to a higher price (not necessarily the contract pending price) when you changed the status to pending? Or was it in multiple steps as you received offers?
It appears this property entered the mls 6/21 at $1.395 and you changed the price on or about 6/29. I’d like to see the listing history to better understand your process. Thanks!
Listing history:
Listing went active on MLS at 10:02am on June 24.
Listing was marked pending at 6:18pm on June 28, with the higher list price as authorized in writing by the seller.
We are in escrow at $1,550,000 (the new list price).
Because there is a history of under-market and off-market sales in this neighborhood, I wanted to send a message to other potential sellers that there is a market at higher prices for the turnkey homes. In other words, I don’t want a new listing to come on the market in the next 30 days and submarine me!