Buyers Whose Eyes are Bigger Than Their Wallets What is the Buyer counterpart to Sellers who “need” a certain price to consider selling? Buyers whose final (first?) offer is 100% of their budget, and therefore can’t go any higher. So, the Buyer’s agent will typically couch the offer in terms of, “I know this is...Read More
Stealth Price Cut What does it mean when a listing agent puts out the word — on MLS or just verbally — that their Seller “will consider all offers?” Here is a rough translation: a) the Seller knows that the current asking price is high; b) but for perceived negotiating leverage, they don’t want to...Read More
No Discount on This One In a Buyer’s market like today’s, it’s not unusual for gun-shy Sellers to want to “pad” their initial asking price. Their rationale? No matter where they set their initial asking price, aggressive Buyers are simply going to discount further from there. So, why not pick a listing price that “leaves...Read More
Mispriced Properties: Exhibit A Where: 46xx 1st Ave. South in Minneapolis What: Bank-owned (foreclosure) 3 BR/2 BA 1917 stucco home with 2,000 square feet. How (much): asking price — $72,900; sold price — $130,000 When: listed — 4/19/2009; closed –8/18/2009 In my post yesterday (Seller’s Motivation: Is it Relevant?”), I made the case that the...Read More
