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Fastest Way To Sell A Home?

By Stephanie Leon | Miami Lakes Realtor®

Real Estate Broker/Owner with Realty Empire Incorporated

July 18, 2011 06:48 PM

Fastest way to sell a home? Underprice by 10%

Home sellers my not want to hear this, but housing experts in an article at CNNMoney say that under pricing a home by 10 percent may help it sell faster. While sellers may miss thousands from the sale, they likely will avoid months of carrying costs from the home lingering on the market to offset that loss.

In today's real estate market, this tactic is the culprit for the mini bidding wars that are going on every day. With the true winner, being the sellers with their home sold in just a few days and for more than the listed price...

If you are thinking of selling contact me for your personalized free market report..

Home by Sold Stephanie Leon

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Tim Lorenz

TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA

949 874-2247

It is true that having the price adjusted for the droping market will make it sell much faster.

Jul 18, 2011 06:50 PM

Patrick White

Home Driven Realty, Inc - Baldwin, NY

Driven to bring New Yorkers home

Good Morning Stephanie

Thanks for the post. Have a great day

Jul 18, 2011 07:11 PM

Stephanie Leon | Miami Lakes Realtor®

Realty Empire Incorporated - Miami Lakes, FL

Turning For Sale Into SOLD!

Hi Tim,

I can tell you that most bank reo listing are using this tactic and are selling in the Miami, Fl area on average 112% of the listed price..

The photo above is from a regular seller (non distress) and we priced it to sell and it did. We had 4 offers in 2 days and the seller went with the strongest offer. Actually we were the highest sold priced home in this community YTD..

So I will say it does work... If you know how to use it for your advantage.

Jul 18, 2011 07:12 PM

Cliff Keith

SF Bay Homes - Redwood City, CA

Redwood City Real Estate

This just supports the theory "price is everything" in selling a home in either good or bad markets.

Jul 18, 2011 07:15 PM

Cliff, so very true.. I like how you expressed it....

Jul 18, 2011 07:19 PM

Mike Mayer

Mike Mayer, Broker/Owner - i List For Less Realty, LLC - Lafayette, LA

Don't believe everything you read! Last I checked, CNN was in the business of providing news, and should NOT be considered experts in real estate. CNN has been accused by several independent media research firms that their reporting contains liberal editorializing within news stories as well as omission of important facts.

You cannot make a generalization that the "magic number" for selling a home is a 10% price reduction. If a home possesses superb curb appeal, is located in a desirable area, and has all the amenities a buyer is seeking, a home will sell within the market "norm" time-frame if priced appropriately.

Jul 18, 2011 09:36 PM

Mike,

CNN is not an expert of Real Estate but the source for the article was an expert in Real Estate...

If this tactic of under pricing a listing to sell in less time and selling for more than listed why not use it..

If you have a seller list his home for fair market price and it takes 4 months to sell and let's say I list the same home and under price it and get it sold for 112% of the fair market price and in 5 days. What is better for the seller? The under priced tactic..

Why because the seller saves 4 months of mortgage payments, 4 months of property taxes (FL) and best part of all is the seller actually made 2% more than fair market price..

In today's Real Estate market agents need and must be ready to adapt to what is going to be best for their customers...

Jul 19, 2011 03:39 PM

Georgie Hunter R(S) 58089

Hawai'i Life Real Estate Brokers - Haiku, HI

Maui Real Estate sales and lifestyle info

I think it's a great strategy, but it sure is hard to convice a seller to go that way. They always want to price it too high so the buyers can haggle down a bit. So many sellers are just hoping to get more than it's worth.

Aug 09, 2011 04:59 PM

Fastest Way To Sell A Home?

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Stephanie Leon | Miami Lakes Realtor®

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