Reply to Agent urged us to underprice our house now we regret it

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It is kind of silly to think that if you listed the house higher, some or even most people would have been willing to offer that instead. Most buyers have a hard limit for what they are willing to pay, and in most ranges a 50k difference is a total nonstarter. I’m fact, people filter online by price so it’s pretty likely that your original offer wouldn’t have even known your house existed at a price 50k higher (unless it’s in the 1 million+ range). You are totally ignoring the reality of how people find and bid on homes nowadays. [/quote]

But like you said, it depends on the price range, and in this area $1M+ isn't uncommon. If OP's house is listed at $400K but she believes it should have been listed at $450, then I'd say maybe take the offer in hand because at that price point she would have had many buyers noticing the steep discount and making offers. But at the higher end, $50K just isn't a huge deterrent either way, and it's harder to get a unanimous conclusion regarding exact price. A small home in a neighborhood of almost identical homes selling for $425-475 is going to be much easier to price than a home in a neighborhood full of a variety of types of homes ranging from $750K - 2.5M.

I'm the pp who thinks my agent also screwed me. We listed and sold at $1.225 because she repeatedly swore up and down that price will correct up and by pricing it lower we would get a bidding war. Other agents suggested between $1.275 and 1.3. I don't think asking the $50K would have deterred the buyers, but they wouldn't go over list in the Fall market. It's much more of a buyer's market these days than it used to be, especially for anything that's not a flip in perfect condition in a hot area. I agree with the pp who talked about the list price anchoring the value. That's it. No one would pay more once they saw it had been listed at $1.225. Both buyers originally offered less than list, then both came up to list when they became aware they were in a competitive situation. But neither would go above. If we had listed at 1.25 or 1.275 then I believe it would have sold for that. Just my $.02.[/quote]

If your house had been worth more than $1.225, the would-be buyer who would otherwise lose would have been willing to counter above that.  Neither of them went higher because neither of them valued your house at more than $1.225.  If you’d gone with the higher price, you might not have sold the house at all.[/quote]

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