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As a mortgage broker, I’d encourage sellers in this market to offer an interesting option if your house is not moving. Offer: 1. a reduction in price or 2. the same reduction in price as dollars that a buyer can use toward buying down their rate or closing costs.
Example: House is listed at 400,000 but isn’t moving. You can lower the list price to 390,000 in hopes that that encourages a buyer, or you can offer 10,000 in closing cost assistance that a buyer can use to buy down his/her interest rate. From what I’m seeing, most people would rather buy the house at $400k and use $10k seller concessions to get a lower mortgage rate than just buy the house for $390k. For the Seller, either option is indifferent, but for most buyers, that lower rate is more valuable than a reduction in price.
Having just sold two houses (one as an executor), I’d say the following: (1) Don’t be too greedy and ask too much. Unless you are really lucky, you’ll reduce traffic, a sale will take longer to develop, and you probably will have to lower your price if it is still on the market after a few weeks. (2) Don’t sweat the small negotiating points. If it gets down to something that is less than 1% of the price, find a way to compromise, or even give in. Finality has value, and in the big scheme of things, what you give up will always be a small footnote. (3) Though people disagree on this, IMHO, I think selling a house that is empty is easier than selling one that you are still living in. Some people think buyers will try to take advantage of you if you’ve already left, but as long as you don’t need the money, an empty house that has been well-prepared for sale will present better and you can wait the opportunists out.
I’m considering selling direct to Redfin or some other similar outfit. A house that could potentially sell for $700K would cost $35-40K to agent, and probably $50-60K in repairs, upgrades, paint, etc…, so if I could sell it to them for $100K less and no work on my part, it would be worth it… not sure if they would be willing to pay that much or not… has anyone actually done this?
sorry for all the down votes. i am in the process now. the agents i have interviewed and gotten recommendations for, make me feel like i need to take a shower. the buy it now firms have been straight forward and treat me in an unemotional transactional fashion. yes, it is my house, but it also a product i wish to sell. realtors seem to be selling “feelings” and i am interested in cash. your numbers look a bit low for realtor fees. after conversations, the realtor numbers average about 9% off the top. the companies have TONS of fees and i would have a real estate atty look over any contract before signing. for me, at the end of the day, the fewer people i have to deal with and the less i have to do is PRICELESS and has too be worked into the equation. good luck.
So here’s the update..l sold to a cash place, deal was done in a month, this particular house was a $500k house, I sold for $400k… I was satisfied.
I’m thinking of trying a discount real estate broker if the market remains strong.
Top full-service discount real estate brokerages in 2022:
https://listwithclever.com/discount-real-estate-brokers/
never heard of the site
T.U.!
Based on my recent experience selling two homes, be lucky is the best strategy. We sold in a low interest rate environment, during a pandemic, which drove housing prices and demand sky high.
The one strategy that worked for my wife and I for all the houses we have sold is to use your network. The three houses we sold were all bought by someone who found about the sale through a friend, neighbor, or business associate. Let people know you are selling and ask them to let potential buyers know it is available.
i am going to assume all these down votes [ without comments]are
from realtors. shame on them. at the end of the day, it is who gets the most money for me, and in this day and age it ain’t necessarily an “agent”