List Low - Sell High

Dated: February 14 2021

Views: 38

288 Morningside Ter

Last year at the start of the pandemic, I really didn't know what to make of anything.  I was running for a seat on my town council, which was taking up quite a bit of time and then all hell broke loose.  I really was not counting on having a very productive or financially successful year.  But, problem solving is a very strong skill in real estate and I quickly had my first sale, which was a couple and their children escaping from New York, following by my first listing.  I shared this listing with my friend and colleague Nathaly Castillo, which turned out to be great on many levels.  The client was an aquaintance of Nathaly's and she wanted my expertise, experience and guidance.  In return, I had someone to which to navigate this very new and unfamiliar territory of risky business, open houses, showings, being exposed to Covid-19, all of it.  

We approached the the listing in the same way we would have no matter what was happening in the market or the world, for that matter.  We were very careful about the pricing and talking to the sellers about getting the house ready for pictures and marketing.  The seller wanted to get at least $500,000 for her 5 bedroom, 2.5 bath home, so after a careful analysis of the market and pricing conditions, I told her to list it at $495,000 to get the largest pool of buyers.  She could not understand the "list low and sell high" concept and insisting on listing the home at $525,000.  We finally settled after some negotiating on $520,000.  We also had to set out a specific showing schedule because the school age children in the home could not be disturbed until after 3pm and the family felt more comfortable vacating the premises for the showings.  We decided on one weekday early evening and Saturdays and Sundays between 1pm and 4pm. 

Showings were a little slow going and it was honestly hard to tell at first if it was the price, if people just weren't coming out yet, or if there was some other objection, which of course always comes back to price - which can overcome any objection.  In a normal real estate market, prior to Covid, most agents would give a listing 30 days before lowering the price, but this market was very robust and 10 to 14 days was plenty of time to either draw an offer or reduce the list price.  Since we were still in shut down mode I reasoned with Nathaly that we should give it the full 30 days.

Thirty days came and went, no one was biting and the house was being consistently shown.  So we called the seller and had "the talk".   We reasoned her down to $495,000 unwillingly.  We strategized to lower the price on Tuesday so that by our Wednesday afternoon and more importantly our weekend scheduled showing times we would gain some traction.   It worked.  The appointments started adding up and by Friday we were totally booked for the weekend.  Nathaly and I split of the showing times, only allowing one group and their realtor in at a time. 

The reponse was wonderful, and we had more than one offer which drove the price up to......wait for it......$520,000.  Yep, that's the number we ended up with.  This was my example for the rest of the year to all my sellers who took my advice and every house I sold from that point on sold for over list price with multiple offers.  It goes to show you, that no matter what is happening in the market, right pricing is right pricing and buyers drive the market and the prices.  

If you'd like to check out the marketing for this home click here

If you'd like to get an idea of what your home is worth in this market, give me a call and I would love to discuss my marketing strategy with you. 

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Gina Gerszberg

ACTIVIST - OPTIMIST - SUPER MOM..... What I’m like professionally … Thorough and Patient: As an experienced Real Estate Agent I know that each day is unique, ....

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