Need advice for selling a house in a hot market

a reply to: Edumakated

What do you consider overpriced?

I think getting offers on the first day, and then having multiple offers after, shows the house was priced too low.

How long should a seller wait to make a decision? In the case of my friend, they literally left tens of thousands on the table because they locked into a contract. That doesn't seem to be the exception in this area. We are talking houses not lasting even a week on market here with multiple offers.

I know that waiting too long can be problematic too, what if the buyers move on etc.

a reply to: JAGStorm

Yearh.. do not rush a sale

originally posted by: JAGStorm
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.

Is your area 'hot' or just a 'hot' sellers market? If your area is up and coming, I would push that as a positive as the purchase would be an investment with future returns, if that is the case.

a reply to: AugustusMasonicus

How are they organized? Hight, weight, ethnicity, social standing or wealth at time of death? Pics please.

If you want it to take forever to sell, overprice it.
If you want to make bank on it, underprice it. You control the the length of the ensuing bidding war afterward.

The Grand Rapids area is a very hot market, and this is how every single neighbor around me that has sold did it -- it created a bidding war, and they made off with more than the house was actually worth in the end. In a hot market, underprice and let the clamor of a bidding war over a perceived "good deal" sort the rest out.

Edit: That wasn't entirely truthful, but not deliberately. I should say that not [i[]every neighbor played the bidding war, some sold within a few days of listing just to GTFO faster. Time constraints and such. Those that had the time for a bidding war took full advantage of it.