Agent urged us to underprice our house now we regret it

[Anonymous]

Anonymous wrote:I like to get 3 different agents to price my house before selling.

I like to attend as many open houses as I can before selling

[Anonymous]

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Anonymous wrote:Are you sure it’s not priced correctly? Do you really think you’d get more offers if it was priced higher?

Yes a very similar house same layout a few doors down sold for 75k over our list price last month. That one has a bonus screened in porch so we mentally discounted 25k from what we would expect

A screened porch costs $40k bare bones.

It’s a very small one so we thought 25k was reasonable

I’m pricing a small screened porch now. Starts at $40k.

+1. I don’t think the folks saying $20 live in the DC area or have built anything lately.

Agreed. $15K buys you a deck in DC and surrounding area.

NP. It doesn’t really matter what it cost to build, it matters the value that is placed upon that. Appraisal wise, I usually see $10-25k (with $25k being the really nice large fancy one) in the adjustments for comps. And that is if the house is in $700-$1m range.

[Anonymous]

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Anonymous wrote:Are you sure it’s not priced correctly? Do you really think you’d get more offers if it was priced higher?

Yes a very similar house same layout a few doors down sold for 75k over our list price last month. That one has a bonus screened in porch so we mentally discounted 25k from what we would expect

A screened porch costs $40k bare bones.

Wut? Not at all. Cut the price in half for a screened porch with lights, fans, and fully stained.

+1
40k? Absurd.

It’s not absurd at all. A deck is one thing but a porch has to support a roof. Structurally, it’s an addition.

[Anonymous]

If you are not getting offers on the low price what mental gymnastics are you doing to make you think you will get offers on higher price?? Please explain . Do you think buyers are out there thinking, ‘I’m not going to buy this house it’s just not priced high enough’???

[Anonymous]

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Anonymous wrote:I feel like intentionally trying to start a bidding war is kind of greedy behavior so you got what was any to you.

This was the strategy our agent recommended in order to reach a non greedy reasonable price, hence why feeling terrible. Because realizing that we should have just listed at our bottom number

You have an offer for what your price was listed at. That is it. Why in the world do you think you’ll get more if you relist?? Your house is worth what someone will pay and that is it.

Because had we listed at the right price I bet they would have offered that

So the problem is that you are stupid, not the realtor. OHMYGOD!

[Anonymous]

Where are you located OP? The market is very strong in the DMV right now because of the Amazon effect. I don't think that not accepting the offer, delisting and then relisting in 2-3 weeks for $100,000 more is in your best interest. It sounds like the marketplace is telling you what your house is worth. You should listen to it.

[Anonymous]

I have seen several houses relisted at higher prices and only one made sense (they did renovations)

https://www.redfin.com/VA/Arlington/2115-Military-Rd-22207/home/11232946

This house just relisted higher. It is beautifully staged but it is small and cramped with low ceilings. We knew the owners prior to the ones selling now.

I think that they are crazy. You are on main street and across from a gas station.

[Anonymous]

Anonymous wrote:If you are not getting offers on the low price what mental gymnastics are you doing to make you think you will get offers on higher price?? Please explain . Do you think buyers are out there thinking, ‘I’m not going to buy this house it’s just not priced high enough’???

+1 OP doesn’t understand how real estate works. And the explanation of - “but if we had priced it higher, people would have paid that!” No, hun. You’ve got one offer. One. No one thinks you house is worth more than the current list price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well, we have a contingent contract on another house. Our plan was to give it a couple of weeks more through Labor Day and if no offers at the price we want take it off and lose out on the new house. Would best strategy be to delist and quickly realist at our min price and see if any takers on next 2 weeks?

And he/she likely priced the house where they did due to your circumstance with the new house.

You sound like you don't know what you are doing, OP.

P.S. It's AMAZING how many people thing UPPING the price is a good strategy.

OP were you really going to walk away from the house you are buying for $50k? Like if you listed at your lowest price and then it sat you would have cancelled your purchase?

And your agent has TWO commissions riding on this sale, so I can see her incentive to be quick.

That said look to reduce her commission since she has so much riding on it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you are not getting offers on the low price what mental gymnastics are you doing to make you think you will get offers on higher price?? Please explain . Do you think buyers are out there thinking, ‘I’m not going to buy this house it’s just not priced high enough’???

+1 OP doesn’t understand how real estate works. And the explanation of - “but if we had priced it higher, people would have paid that!” No, hun. You’ve got one offer. One. No one thinks you house is worth more than the current list price.

Yes, that is market demographics. The agent probably priced correctly. If in two weeks you get one offer then you are probably priced high unless you are in a bad market (not DC area).

[Anonymous]

Op don’t listen to posters telling you your house is obviously not worth what you want.
I posted a while back and was told the same thing.
They were wrong and we got our price.
Timing is everything.
This is not a great time of year to be selling and certainly not a reliable time for bidding wars.
I don’t know the answer to your predicament, but I think you start with a harsh conversation with your realtor. She needs to make this right and put money where her mouth is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you are not getting offers on the low price what mental gymnastics are you doing to make you think you will get offers on higher price?? Please explain . Do you think buyers are out there thinking, ‘I’m not going to buy this house it’s just not priced high enough’???

+1 OP doesn’t understand how real estate works. And the explanation of - “but if we had priced it higher, people would have paid that!” No, hun. You’ve got one offer. One. No one thinks you house is worth more than the current list price.

Yes, that is market demographics. The agent probably priced correctly. If in two weeks you get one offer then you are probably priced high unless you are in a bad market (not DC area).

Even in that DMV dom can be longer than a month. No seller should be throwing in the towel after just 2 weeks.

[Anonymous]

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Anonymous wrote:Are you sure it’s not priced correctly? Do you really think you’d get more offers if it was priced higher?

Yes a very similar house same layout a few doors down sold for 75k over our list price last month. That one has a bonus screened in porch so we mentally discounted 25k from what we would expect

A screened porch costs $40k bare bones.

It’s a very small one so we thought 25k was reasonable

I’m pricing a small screened porch now. Starts at $40k.

+1. I don’t think the folks saying $20 live in the DC area or have built anything lately.

Agreed. $15K buys you a deck in DC and surrounding area.

-2. Literally just last week we had a slate patio (20x20) installed in our Del Ray backyard for $8400. Our across the street neighbors had a mudroom/ back porch added for 18k.

You people must be the suckers that keep Harry Braswell in business.

[Anonymous]

Anonymous wrote:Op don’t listen to posters telling you your house is obviously not worth what you want.
I posted a while back and was told the same thing.
They were wrong and we got our price.
Timing is everything.
This is not a great time of year to be selling and certainly not a reliable time for bidding wars.
I don’t know the answer to your predicament, but I think you start with a harsh conversation with your realtor. She needs to make this right and put money where her mouth is.

Oh Lord! Here comes idiot number two !
timing, location, all of that factors into whether or not a home is priced correctly and considering all the factors most especially at the supposedly low price she’s only has one offer that her ass is evidently priced either just right or too damn HIGH!
WTF do you not understand?

[Anonymous]

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:Are you sure it’s not priced correctly? Do you really think you’d get more offers if it was priced higher?

Yes a very similar house same layout a few doors down sold for 75k over our list price last month. That one has a bonus screened in porch so we mentally discounted 25k from what we would expect

A screened porch costs $40k bare bones.

It’s a very small one so we thought 25k was reasonable

I’m pricing a small screened porch now. Starts at $40k.

+1. I don’t think the folks saying $20 live in the DC area or have built anything lately.

Agreed. $15K buys you a deck in DC and surrounding area.

-2. Literally just last week we had a slate patio (20x20) installed in our Del Ray backyard for $8400. Our across the street neighbors had a mudroom/ back porch added for 18k.

You people must be the suckers that keep Harry Braswell in business.

I agree. DCUM is filled with suckers that overpay on household improvements all the time. It is crazy. If you spend the time talking to contractors and reading reviews it works out. But don't hire the contractor driving the pricey car and ridiculous prices.