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Yes, sometimes offers come in before the buyers even see it.
That is a strategy some sellers are using - priced under market and then getting multiple offers which raise the price over asking. I suggest price it to sell at market right from the start. This should eliminate some of the bidding frenzy which can create hard feelings for those who lose out.
Westlake Village, CA
Because an offer deadline is set and most of my sellers will not consider preemptive offers.
Who gives a ---- about an open house. Put it on the market using the MLS & sell the sucker.
Warner Robins, GA
I do not do open houses but proper pricing draws significant inquiries.
"A bit below current market value.."
No, the buyer is typically unaware of what a 'bit below' means. Is that the difference between the cost of the original tub and the free standing tub?
However, 10% is noticeable in a $500,000 community.
Initial offering below market value is a good strategy for a quick sale. After all, PRICE is what compresses the time to sell.
If the seller agrees to 'sell at first open house,' and has enabled the agent, then that should be the 1st open house purpose. Agent needs to implement accordingly.
Not only a bid, but a bidding war.
Right on the money or a teeny smidgen below is what I am seeing here too, Praful.
Kathleen Daniels, Prob...
San Jose, CA
Our market is more driven by the price range.
I don't see the open house as the key selling tool, the MLS should get it sold immediately though.
No, I expect it to Sell the day it hits the MLS. The heck with open houses if it's priced "too" well.
It depends on the marketplace. A
The agent I sent a referral out to recently did just that. Placed it a bit under market to get bids. They accepted offers for 3 days and it was bid up about 5%.
A good house priced significantly below market (not just a "bit") will bring offers when it hits the MLS.
It wouldn't even make it to the open house date.
And usually multiple offers at that!
I try to void an open house and set up showings on day 1. Buyers bring more buyers AND Offers bring more offers
After listing a property when the market is hot, I delay offers by 3-4 days, and have an open house in this time period. This will hopefully result in more than one offer and me doing my job for my client trying to get them the best price possible.
When priced in the fair market range, we get offers at the open house....
Agree we are seeing a similar trend in our area. In fact, we often end up with multiple offers before we have the first open house.
I always come out at market or below. Phones ring, showings abound=sold!
Pricing is an art and there is some strategy involved
In our area, there is no need to wait for an open house.
I would, depending on the home and location.
If priced a little low, demand will usually drive price back up. Many agents can spot this strategy, and will advise their buyers to write an offer above the listing price.
I don't do open houses, especially in a hot market. Frankly, no need to price below current market value... just price it right and the traffic and offers will come in when home is properly staged and marketed.
Yes, it's the Power Pricing Method.
Not sure that the open house has anything to do with that. With a shortage of inventory good REALTORS® check the MLS at least 3 times a day.
If priced at fair market value, I do expect multiple offers to come in within hours of listing.
Our market is mostly multiple offers. To better manage the offers, we state an offer deadline in the mls for all agents to heed and we do not take preemptive offers. Of course, this is by agreement with our sellers.
We usually set a due time and it is after first public open house.
No, not really... in my market.
You can also lose buyers because they know what you ahve done
Homes priced right are selling before they have an open house. I haven't done one in months.
Seems like a good pricing plan.
I usually like to do that!
What is this open house thing you speak of? ;-)
I am in an extreme sellers market...many homes gets a flood of first day visits and multiple offers.
I encourage all my sellers to market price their homes, not overextend or undervalue the property.
Each property listing and each seller is unique/ different. Each situation has a specific plan.