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Need advice for selling a house in a hot market

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posted on Oct, 7 2019 @ 12:59 PM
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There is a possibility that my family will need to move.

We currently live in a very desirable area. There is huge demand and not a lot of inventory, and the prices are through the roof.
Our move will not be for certain until next summer but it is 95% at the moment. We are happy about the possibility
of moving and looking forward to it. We actually might be able to sell high and buy low!!

I've moved and sold a lot. I have never sold in an area as red hot as we are in right now. We even have someone interested in buying
our house even though it is not on the market yet, and will not be for half a year. Offers already just though limited word of mouth.

Any advice for selling in a market like this? Two houses in my area sold in one day, another had multiple cash offers in a couple days, all over asking price. From what I've read and seen, the selling market in this area will be even more red hot next spring/summer.

I want to maximize price. Time is on our side and we don't have to sell urgently and can afford to carry two places.
I know some sellers won't accept any offers for ten days and things like that. Any tips similar to that?
What about pricing? I know a true price is only what someone is willing to pay. Any suggestions from people that have sold
in very competitive markets? I'm asking on here because those are usually only things you learn after selling! Any regrets, advice, cautions?
edit on 7-10-2019 by JAGStorm because: (no reason given)




posted on Oct, 7 2019 @ 01:05 PM
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a reply to: JAGStorm

I dabble in real estate and skip the realtors.
Currently own six rental property and haven't bought any in a couple years because the houses are overpriced right now.

My advice is make your asking price 25% higher than you would accept.
Worst case is you don't get an offer, best case a chump will low ball ya and offer 20% less..
You win then too..
The realtors hate this because they only make money when a house sells so they want to move them fast.



posted on Oct, 7 2019 @ 01:25 PM
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originally posted by: Bluntone22
a reply to: JAGStorm

I dabble in real estate and skip the realtors.
Currently own six rental property and haven't bought any in a couple years because the houses are overpriced right now.

My advice is make your asking price 25% higher than you would accept.
Worst case is you don't get an offer, best case a chump will low ball ya and offer 20% less..
You win then too..
The realtors hate this because they only make money when a house sells so they want to move them fast.


Funny enough one of the houses I mentioned was owned by a realtor and sold for an obscene amount. Absolutely nothing special about that house... Lucky for me it is considered a comp for my house.
I think there is always a fear of overpricing, maybe that is something that realtors have done for their benefit.



posted on Oct, 7 2019 @ 01:25 PM
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a reply to: JAGStorm

It depends where you are, but don't be afraid to advertise way outside your market. Some states have a lot more money and people can pay more.

For example, if you are around California, they are rich and can afford almost twice or more what surrounding areas can pay. Which means if you are selling in a neighboring state, put in a weekly ad and run it in LA, and San Francisco and Sacramento for example.

Someone from there could pay a couple of hundred grand over the local price and just sit on it for a year or two.



posted on Oct, 7 2019 @ 01:29 PM
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a reply to: Oraculi

excellent advice and something I didn't think of!



posted on Oct, 7 2019 @ 01:38 PM
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originally posted by: JAGStorm
a reply to: Oraculi

excellent advice and something I didn't think of!


You're welcome. I'm my own property manager and manage, rent out and sell as necessary. The key is to either be your own photographer/videographer or to hire one. Make a website with a video tour and a lot of professionally lit and edited, wide-angle photos.

Then run a small ad linking to that website for a full tour. Add in something like "Thinking about retirement?" or "Looking for a an escape in the wine country?"

If you post in San Fransisco, you can snob it up as much as you wish, it will just work better.

Good luck!



posted on Oct, 7 2019 @ 01:38 PM
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a reply to: JAGStorm

Don't use a realtor, show and stage (unclutter it and fix what needs to be fixed) it yourself. The fact that you can sit back and play the waiting game and carry two mortgages is the key to getting what you want.



posted on Oct, 7 2019 @ 01:44 PM
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I

originally posted by: InTheLight
a reply to: JAGStorm

Don't use a realtor, show and stage (unclutter it and fix what needs to be fixed) it yourself. The fact that you can sit back and play the waiting game and carry two mortgages is the key to getting what you want.


The house is show ready. I used to professionally stage furniture and shop windows when I was younger.



posted on Oct, 7 2019 @ 01:46 PM
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originally posted by: JAGStorm


I

originally posted by: InTheLight
a reply to: JAGStorm

Don't use a realtor, show and stage (unclutter it and fix what needs to be fixed) it yourself. The fact that you can sit back and play the waiting game and carry two mortgages is the key to getting what you want.


The house is show ready. I used to professionally stage furniture and shop windows when I was younger.


Then, just sit back and say 'nay' or 'yay'.



posted on Oct, 7 2019 @ 01:47 PM
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Sounds like there's not really any way to screw this up. Whatever your comp house sold for, add to that and use a lawyer instead of a realtor.



posted on Oct, 7 2019 @ 01:48 PM
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a reply to: JAGStorm

My advice is never mention how many people croaked in your house no matter how interesting you think the topic is, it's around seven for us and I wouldn't tell anyone.



posted on Oct, 7 2019 @ 01:52 PM
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originally posted by: Atsbhct
Sounds like there's not really any way to screw this up. Whatever your comp house sold for, add to that and use a lawyer instead of a realtor.



I always use a real estate lawyer.

I do think there is a way to screw this up. A friend nearby recently listed their house. They took the first offer (full price) and instantly regretted it. I think they left 80K on the table from the multiple offers they got after.



posted on Oct, 7 2019 @ 01:53 PM
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originally posted by: AugustusMasonicus
a reply to: JAGStorm

My advice is never mention how many people croaked in your house no matter how interesting you think the topic is, it's around seven for us and I wouldn't tell anyone.


Funny not funny. Luckily nobody has died in my house.

I did once live in a house that belonged to a doctor at the turn of the century. I shudder to think of how many people died
there. He treated patients in what was now converted into my kitchen (eww)
That house was seriously haunted...



posted on Oct, 7 2019 @ 01:56 PM
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a reply to: JAGStorm

I have pictures of people laid out in what used to be the front parlor, I'm pretty sure with today's wussy sensibilities that no one wants to know a stiff was once where they might put their sectional.



posted on Oct, 7 2019 @ 01:59 PM
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originally posted by: AugustusMasonicus
a reply to: JAGStorm

I have pictures of people laid out in what used to be the front parlor, I'm pretty sure with today's wussy sensibilities that no one wants to know a stiff was once where they might put their sectional.


People don't realize that almost all old houses have had people die in them.
Yes, it is not a subject that most like to think or talk about anymore.



posted on Oct, 7 2019 @ 02:01 PM
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originally posted by: JAGStorm

originally posted by: Atsbhct
Sounds like there's not really any way to screw this up. Whatever your comp house sold for, add to that and use a lawyer instead of a realtor.



I always use a real estate lawyer.

I do think there is a way to screw this up. A friend nearby recently listed their house. They took the first offer (full price) and instantly regretted it. I think they left 80K on the table from the multiple offers they got after.


The same thing happened to my sister and brother-in-law. They estimate they left 40-60K on the table from subsequent offers because they put themselves in a time crunch.



posted on Oct, 7 2019 @ 02:04 PM
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originally posted by: JAGStorm
There is a possibility that my family will need to move.

We currently live in a very desirable area. There is huge demand and not a lot of inventory, and the prices are through the roof.
Our move will not be for certain until next summer but it is 95% at the moment. We are happy about the possibility
of moving and looking forward to it. We actually might be able to sell high and buy low!!

I've moved and sold a lot. I have never sold in an area as red hot as we are in right now. We even have someone interested in buying
our house even though it is not on the market yet, and will not be for half a year. Offers already just though limited word of mouth.

Any advice for selling in a market like this? Two houses in my area sold in one day, another had multiple cash offers in a couple days, all over asking price. From what I've read and seen, the selling market in this area will be even more red hot next spring/summer.

I want to maximize price. Time is on our side and we don't have to sell urgently and can afford to carry two places.
I know some sellers won't accept any offers for ten days and things like that. Any tips similar to that?
What about pricing? I know a true price is only what someone is willing to pay. Any suggestions from people that have sold
in very competitive markets? I'm asking on here because those are usually only things you learn after selling! Any regrets, advice, cautions?


I work on mortgage side. Here is my professional opinion...

Get a Realtor. Seriously, use an agent. Most FSBOs fail because people simply do not understand how to sell their homes. The typical owner is too emotionally invested in their property. They over price the property. They don't know how to prepare the home for showings. They also don't realize how much of a pain in the keister it is to be available to show homes, etc.

Pricing strategy. Most homes don't sell because they are over priced. If you over price the home the listing will get stale. A lot homes that are over priced never even get shown because the buyers know the seller is being unreasonable. In hot markets, agents typically UNDER PRICE the home and it creates a bidding war for ready buyers.

Appraisal. Hire an appraiser to get the home appraised. Many agents will also provide you a CMA as well. Appraisers tend to be more conservative/realistic than an agent.

Declutter the home. Make sure pet odors are gone. Make sure paint colors are neutral. Yard looks nice. No, your kitchen remodeled from 1990 is not like new. Your carpeted bathroom is gross. The house smells like dog ass. Seriously, you'd be surprised at how many home sellers don't understand what buyer see when they walk into their home.



posted on Oct, 7 2019 @ 02:15 PM
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a reply to: Edumakated



Get a Realtor. Seriously, use an agent. Most FSBOs fail because people simply do not understand how to sell their homes. The typical owner is too emotionally invested in their property. They over price the property. They don't know how to prepare the home for showings. They also don't realize how much of a pain in the keister it is to be available to show homes, etc.


Lots of good advice. I consider myself a very seasoned seller. I've sold FSBO successfully in the past. I've also used realtors, they both have their pros-cons. I do not have the usual emotional connection to houses as I've moved a lot. I've seriously lived in 30+ houses.




Pricing strategy. Most homes don't sell because they are over priced. If you over price the home the listing will get stale. A lot homes that are over priced never even get shown because the buyers know the seller is being unreasonable. In hot markets, agents typically UNDER PRICE the home and it creates a bidding war for ready buyers.


This is where I'm at... Price. What a delicate thing.
I don't necessarily agree on pricing under. I'd rather not have a bidding war, I just want a good price and not to feel like I left money on the table. I've left money on the table in the past because I have need to move quickly etc, that is not the case this time. I think the fact that people are already making offers, shows the perceived value of this area.

I wonder what do people in California, Seattle, or other very hot markets do? Do they just price very high and see who bites? I don't think they under price in those areas? Do they?




Declutter the home. Make sure pet odors are gone. Make sure paint colors are neutral. Yard looks nice. No, your kitchen remodeled from 1990 is not like new. Your carpeted bathroom is gross. The house smells like dog ass. Seriously, you'd be surprised at how many home sellers don't understand what buyer see when they walk into their home.

This is a non issue. I have a background in staging. I would say my house is as close to a model house without being a new house. I once used a realtor that included professional staging as part of his package, the stager said there was nothing she could suggest in my house.
I normally rent a storage unit and move 1/2 of my belonging there and make the house look very spacious and clean. It works every time.
I don't think the appearance aspect of my house will be an issue at all.

edit on 7-10-2019 by JAGStorm because: (no reason given)



posted on Oct, 7 2019 @ 02:20 PM
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a reply to: InTheLight




The same thing happened to my sister and brother-in-law. They estimate they left 40-60K on the table from subsequent offers because they put themselves in a time crunch.


Also you can't always trust Realtor comps. In my last house a realtor did not use my next door neighbors house because they did FSBO. That is a direct comp and it wasn't included in the pricing calculation. He didn't know what to say when I brought it up.



posted on Oct, 7 2019 @ 02:31 PM
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originally posted by: JAGStorm
a reply to: Edumakated



Get a Realtor. Seriously, use an agent. Most FSBOs fail because people simply do not understand how to sell their homes. The typical owner is too emotionally invested in their property. They over price the property. They don't know how to prepare the home for showings. They also don't realize how much of a pain in the keister it is to be available to show homes, etc.


Lots of good advice. I consider myself a very seasoned seller. I've sold FSBO successfully in the past. I've also used realtors, they both have their pros-cons. I do not have the usual emotional connection to houses as I've moved a lot. I've seriously lived in 30+ houses.




Pricing strategy. Most homes don't sell because they are over priced. If you over price the home the listing will get stale. A lot homes that are over priced never even get shown because the buyers know the seller is being unreasonable. In hot markets, agents typically UNDER PRICE the home and it creates a bidding war for ready buyers.


This is where I'm at... Price. What a delicate thing.
I don't necessarily agree on pricing under. I'd rather not have a bidding war, I just want a good price and not to feel like I left money on the table. I've left money on the table in the past because I have need to move quickly etc, that is not the case this time. I think the fact that people are already making offers, shows the perceived value of this area.

I wonder what do people in California, Seattle, or other very hot markets do? Do they just price very high and see who bites? I don't think they under price in those areas? Do they?




Declutter the home. Make sure pet odors are gone. Make sure paint colors are neutral. Yard looks nice. No, your kitchen remodeled from 1990 is not like new. Your carpeted bathroom is gross. The house smells like dog ass. Seriously, you'd be surprised at how many home sellers don't understand what buyer see when they walk into their home.

This is a non issue. I have a background in staging. I would say my house is as close to a model house without being a new house. I once used a realtor that included professional staging as part of his package, the stager said there was nothing she could suggest in my house.
I normally rent a storage unit and move 1/2 of my belonging there and make the house look very spacious and clean. It works every time.
I don't think the appearance aspect of my house will be an issue at all.


If you have experience selling FSBO, you'll probably be ok. I just see most FSBOs fail because the owner is too invested emotionally. People use Realtors for a reason. Yes, you can sell on your own, but I'd venture 90% of people aren't very good at it or know the ins and outs.

I work in the business and sold my last place FSBO and bought my current home without agent representation. I saved a few bucks, but I also do this for a living. However, I'd probably use an agent on my next transaction.

Worst case, you should use a discounter like Redfin. Realtor commissions are negotiable.

Not saying you can't have success FSBO, but I just see more fail than actually succeed.

In hot markets, the home is usually priced lower. When I finance homes in CA, they make list at $1.0 million, but really be expecting an offer at $1.1. It just depend son the market. Good agents can help in this regard.

It is a fallacy to over price a home knowing you will negotiate down. That is a HUGE mistake that FSBOs and sellers who won't listen make. The market is extremely efficient and buyers know a home is over priced. If it is severely over priced, the listing will get stale.

Homes that sell immediately are usually under priced and those that sit for a long time are over priced. Generally speaking, you don't want a home to sit longer than about 30-60 days depending on the typical market time in your area.



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