Pre-List Networking Trial Balloon
I’ve been in real estate sales for 18 years, and I still have no idea what a “$500-ish” price is.
In truth, I can imagine a “$500-ish” price falling anywhere between $480k to $530k or even higher.
Which is no doubt precisely the point, especially in an ongoing Seller’s market characterized by too little inventory, especially at lower price points.
Namely, for the listing agent (representing the Seller) to flush out the most motivated, deep-pocketed Buyers before the home officially debuts on the market, during the so-called pre-list networking phase.
The catch for would-be Buyers?
A fuzzy asking price can easily devolve into Buyers negotiating against themselves.
Which is why my standard counsel in such situations is to wait for the Seller to commit to a firm asking price before checking out the home.
P.S.: So, what does a Buyer offer for a home asking “$500-ish?”
My suggestion: “$400-ish.” 🙂
See also, ““Lake Nokomis-y” vs. “Lake Harriet-ish”.”