The Fair Oaks home market has gone berserk in the past 6 or 7 months. We've gone from a tough, declining market with homes taking forever to sell (6 months average in April 2012), to one where gobs of buyers swarm every listing, vying for the right to buy - like salmon up a fish ladder. Homes go into the MLS, only to flash the PENDING sign within hours. (Our average is now 23 days to sell!)
But is a quick acceptance the best way to get top dollar? Heck NO! In THIS market "Sold in 1 day!" means you had no strategy!
My last 7 listings sold within 10 days, and all sold WAY over the list price. Way over the price that made sense. And way over the appraisal, in most cases.
How did I do it, you ask? Strategy!
First, I price them where they make sense. I study the comps, the price per square foot, the competition. I analyze the specific sold homes an appraiser would most likely use. That's where I price them. Not high, but not low. Just right.
Then I bait the hook. Staging, primping, decluttering, and professional photography. They have to look sharp. Then I write good descriptions - written to entice. My listings look awesome in the MLS, and then are shotgunned out to a gazillion places on the WEB. I'm all over the web! I usually will enter them into the MLS on a Tuesday or Wednesday, for optimal timing. I plan to look at offers the following Tuesday or Wednesday.
I schedule open houses for the first weekend - sometime two a day. I want every buyer out there to have access to my listing that first week, with time to think about it, and time to bring Mom back, or their contractor. I don't want a hastily written offer. Make sure you want it.
Usually by Friday I'll have my first offer. Predictably low. A bottom feeder. Someone loking for a deal. Or a big investment group. But something to work with.
Then I wait. I tell agents we'll consider offers the following Tuesday. Then I start reeling 'em in.
"Hi, this is Suzie Q Realtor, do you have any offers on Podunk Street?" Yep I got one. Presenting on Tuesday, so bring me your best and final offer by Monday night."
By the weekend, I'll have more, and by Monday night it usually shocks me. This past Tuesday, I presented fourteen offers to my client. Six were all cash, most had a pleading letter, and many were over the listed price. The last offer began like this "My client is interested in Podunk Street, do you have any offers?" Yep, I got 13. But you have time. I'm presenting to my client in 35 minutes, so make it good!
So think about it! You know that 13 other people like the house and want to buy it. You better make it REALLY good. And they did. WAY over the list price, no appraisal contingency, proof of a ton of money in the bank, and a self-imposed penalty if his loan caused any delay in closing! Now THAT was a strong offer.
And my sellers??? Over the moon happy. "We picked you because you were the only agent we talked to who had a strategy. and you were RIGHT! Your strategy WORKED!"
As my Dad would say, "It's like shooting fish in a barrel!"
But you gotta have a STRATEGY!
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