That is how people used to tell way back when what kind of pie it was. THE POKE IN THE PIE DOESN'T LIE so to speak. If there is apple on your finger, well we got an apple pie on our hands. Now, in Real Estate, many buyers, sellers, lenders and appraisers are really not sure what a price value (pie) might be. After all, everyone has their point of view
VALUE IS IN THE EYE OF THE BEHOLDER
As agents, we have access to the data and if the subject property is local to our area, then we have a hands on knowing of what is exactly going on even more so. The banks have no clue except to see what other properties are going for that they have closed or what they are told. Out of the area appraisers give it their best and buyers only see pricing within their budget. Of course sellers can be emotionally blinded as well believing they are sitting on a golden egg waiting to hatch
LET'S FIND OUT
In the end, if it is a listing and there is a professional agent on point, a value will be ascertained and then at some point, we go have to go live with it. We launch the listing so to speak and those fist few hours or even days remain very critical. Get ready because the public is going to stick their finger in your pie and tell you the flavor (value) of it.....Now here comes the point of the posting...
THOSE FIRST FEW DAYS ARE CRUCIAL
We will find out if we are over or under right away (the flavor of the pie). The first few days a property comes out into the Real Estate arena tell the story and also can determine how and what takes place after that. If priced high, you will not get the response that we all expected. You may even get a call where the inquirer asks how did you come up with the pricing.
NOTE: It is prudent to remind us all that the listing agent has to support that thinking and share that data and ultimately answer the question as fair and honest dealing as well as representing an accurate picture is expected by all players involved
THE BIDDING WARS....or pie ala mode?
Now the other scenario is where your phone rings off the hook and people want to see the place badly. You cannot help but think if you under priced the property. But you know you didn't. Perhaps it is priced to sell and that would be the response. Then, multiple inquires will lead to offers and a potential increase for the seller with a catch...
THE CLEANEST AND THE QUICKEST HAS VALUE TOO
However, if bidding kicks in, what makes you think the appraiser will go along with all this? Getting the highest amount of money and having the bank agree is totally out of our hands. In my experiences, I always looked for the deal that could close and close quickly and smoothly with little or no hiccups. That has a value too
Getting in or out of the transaction successfully should remain the primary mission. Oh, and the flavor (value) of the pie is what we all say it is...then, we cut that pie up and all have a piece of it..
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