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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lee who wrote (25485)	11/17/2002 5:00:19 PM
From: maceng2	Respond to of 74559

best potential buyer. I'd give a discount to one of those -g- best of luck with it ..

To: Steve Lee who wrote (25485)	11/17/2002 10:00:19 PM
From: energyplay	Respond to of 74559

Guide price - This sounds like what was done in Silicon Valley during the recent boom to get multiple offers and create an auction type atmosphere. Example - your house estimated value is 550,000. If you price it at that, you may 10-20 serious buyers looking at the house, then get 3-4 offers, and sell it for maybe 555,000. IF you priced it at 535,000, you would get 30-65 serious people looking at the house, and 7-10 offers - and the competitive bidding would very likley run the price up 570,000 or MORE. Why - you had more serious interested bidders. Price is stongly influenced by the ability of the 2nd strongest buyer, not the ultimate buyer. This is one reason the auction house Sotheby's went into real estate... If you agent has suggestion on how to prepare and present your property, I would seriously consider them - they can really pay off during a boom environment. During the boom here, some people were able to buy properties, move out the clutter and weird personal effects, do very minor landscape paint touch -up (like under $1500 cost and 3-4 weekends of work) hang up a few prints on the walls, and add a few pieces of stylish but cheap furniture, put the property back on the market and sell it 2-3 months later at 10-17% and some time more than they paid - just by presenting the house better - not major repairs. By making it look more acceptable, they got more of an auction going.... Best of Luck