What's the Word Wednesday? Price

Real Estate Sales Representative with RE/MAX Preferred, West Chester, PA, RS152252A RS152252A

The three things that sell real estate are often said to be Location, Location, and Location.  Depending on the market condition, whether it's a buyer or seller's market, price plays a big part in the equation.  When it's a seller's market like we are currently experiencing, sellers are pretty much getting their asking price and then some.  In multi-bid situations, the sold price is often much higher than the asking price.

In the reverse market, when buyers rule, the asking price is sometimes a suggestion and the house is then only worth what a buyer is willing to pay for it.  Of course, the house is also only worth what a buyer will pay for it in this crazy seller's market with low inventory, but they are much more willing to pay more to win the prize than they are when there are plenty of homes to choose from.  

I was in my continuing education class yesterday and the instructor made a very valid point.  The buyer who overpays for a house by $10,000 today to win over other bids, will most likely wake up the next day wondering how to get $5,000 or more back from the seller during home inspection negotiations.  It doesn't always work like that but often, a buyer has buyer's remorse when they realize they overpaid in a bidding frenzy and is much more likely to back out of the transaction than if they felt they paid a fair price.

When listing a home, you'll want to sit down with a real estate professional and go over recent sales and current competition to price your home.  In any market, I'm here to help you get the best price, in the least amount of time, with the least amount of grief and aggravation.  It's not easy to sell and move but I promise I will do my best to make the experience as grief-free as possible.

Call me!




Posted by

Susan C. Mangigian

re/max preferred
1595 Paoli Pike, Suite 101,West Chester, PA  19380

610-719-1700 main office, 610-299-6237 cell 

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What is the Word Wednesday
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Good food for thought, Susan.   We're using a "cost of waiting" analysis to help buyers decide if it's a good time to compete with higher bids or sit on the sidelines, and some of the numbers suggest even if "overpaying" today, waiting could end up being even more costly.

Apr 25, 2018 02:50 PM #1
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

So critical to have an agent that understands the pros and cons of each situation and the strategy to get the best outcome for their clients.  Your clients can rest easy.

Apr 25, 2018 03:50 PM #2
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

It's easy for a buyer to get caught up in the moment especially when they really want the house, but overpaying rarely a good idea.

Apr 25, 2018 05:37 PM #3
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Susan Mangigian

Chester & Delaware County Homes, Delaware and Ches
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