I just listed and sold this home on Atlanta’s East side – Polar Rock Community. I have listed and sold others in the community but this one I especially wanted to get sold for this owner. They purchased it 4 years ago and it just sat. The plan was to renovate the property but as with life, things happen, and the project never got off the ground. Fast forward 4 years, a few convincing phone calls after, he decided to go ahead and sell the property. The home needed a lot of work and initially they wanted to price it at the very top of the market. Due to the amount of work, the buyers who first came to the home were excited but not quite ready to bite. We adjusted the pricing, cleaned up the property, retook photos and like magic buyers started pouring out of the market and into this home. The seller was pleased with the outcome having the choice of 10 offers and sold that build back up nearly to asking price because of the bum rush on the home. I call this the eBay affect. If you list high, no one comes along to buy. If you price it right or just slightly below market, it becomes a deal and people flock to it and fight for it. It is the reverse thinking most sellers don’t understand until they go through it for themselves.
Many sellers start out pricing their home over the market in an attempt to capitalize. There is nothing wrong with that initial thinking; almost everyone does the same thing. The challenge is that buyers who come first into the market are seasoned and have already seen what is out there and will compare everything else they have seen against the home. It may seem like the home is super-hot and will sell in no time. But after a couple of weeks or months as the home sits on the market, sellers start to blame the market, the agents or the buyers for not wanting to pay their offer price. Once the sellers acknowledge the home needs a few tweaks, like clean up, staging, pricing adjustments or incentives, homes tend to fly of the market like magic.
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