Agent urged us to underprice our house now we regret it
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Anonymous
| Said there would be a bidding war, one open house later we have an offer at asking but no war to speak of. The lowest we’d accept is 50K more than list but she was trying to cast a wide net by pricing so low. We’ve now realized it going with her price was a mistake. House getting a lot of traffic for August but clearly not enough for escalations. Is it too late to raise the price before the next open house? |
Anonymous
| Yes that would look weird. How many days on market? You shouldn't have listed in August for a bidding war. |
Anonymous
| Less than a week, yeah we’re realizing now that she overpromised and we got caught up and didn’t factor the seasonality. Trust me we feel terrible about our oversight and getting caught up in going with her strategy, trust her she knows the market etc. what do we do now? |
Anonymous
This. Underpricing is for the spring buying frenzy. Maybe delist it for now? Do you have to sell? |
Anonymous
| So, you have just one offer at, say, 700k, but you think you would have been better listing at 800k? |
Anonymous
| Get rid of the Realtor..she clearly just wanted a sale rather than get you max price. Bidding wars are for the Spring. |
Anonymous
| Probably, and you light owe her a commission if you airbag a full price offer you don’t accept. |
Anonymous
| 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? |
Anonymous
| Are you sure it’s not priced correctly? Do you really think you’d get more offers if it was priced higher? |
Anonymous
We discussed when listing that we wouldn’t accept the list price and mentioned the price we wanted and she confirmed we were under no obligation to take anything. Would the listing agreement include something like this where we have to pay her? Didn’t see anything referencing this |
Anonymous
Yeah I don't think delisting will necessarily get you more. and to lose out on another house just means you're starting over. You could delist, get 50k more (or not), then not find another house. Can you extend the contingency on the other house? They don't want to start over just as much as you don't want to. |
Anonymous
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 |
Anonymous
| How much will homes in new neighbor go up between now and spring? You’ll pay more to buy in spring too. |
Anonymous
Well we could a little bit but then might lose rate lock and also that wouldn’t help us get the price we want unless more people become interested same time |
Anonymous
A screened porch costs $40k bare bones. |