What? Did someone suggest you underprice your Franklin, Massachusetts home? Isn't that giving money
away you may wonder?
During the hot times in real estate underpricing a home would not be a wise strategy, however during these volatile times this has actually become an excellent method to achieve a quick sale at the highest price. In many cases, underpricing a home by $5,000-10,000 has resulted in bidding wars with offers coming in well above the underpriced original figure.
Take the example of a Cape style home in Franklin, MA. If you have such a home that got listed today it would be competing with 17 other homes with an average of 131 days on the market and an average list price of $297,476. Rather than list it based upon the rest of the pack, you might instead list it at $285,000. You would be aware that only homes on main roads and those that need a little work are within this price range which will grab the attention of prospective buyers in a BIG WAY! Your home is in a nice neighborhood and has been updated as well. Buyers will flock to see it and the bidding will begin. The first offer you receive may be for $280,000 but 2 more offers that come hours later will likely be for $295,000 and $293,000. Before you know it this home could easily sell for $309,000 without spending 4+ months on the market!
Of course this is a simplified scenario but it definitely is a plausible outcome. I have experienced similar situations recently and I would encourage sellers to consider this strategy to minimize the inconveniences of months on the market and to attain the highest possible sale price.
If you would like to discuss some marketing strategies or proper pricing of your home, give me a call at 508-369-5131 or email. I'd be happy to sit down with you for a no pressure conversation.
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