Concerns When A Property Sells Quickly These Days In Northern Nevada
Like other areas across the country, the rejoicing when a property sells quickly
these days in Northern Nevada is often a bit reserved. The Sellers’ initial response is inevitably, “Did we price it too low?” A logical question with a complex answer. Most Sellers and Agents spend a lot of time evaluating a property before pricing it and in doing so consider such things as recent sales, competing properties, condition of the subject property, floor plan and other amenities of the subject, location, and more.After all the discussion is done, and points and counterpoints have been made, a price is established that works for the Seller as well as the Agents. It is usually correct, but there is no way of knowing for sure until someone makes an offer. The price until then is only conjecture based on reasonable assumptions and analysis. No one knows for sure, however, what it will actually sell for. The Agent usually knows what it won’t sell for and the Seller knows what they won’t sell for. Somewhere in between is a value that becomes the List Price.
The property is put up for sale and ... in our current Northern Nevada Real Estate market ... along comes someone on the second day that makes an offer and ends up buying it.
That doesn’t mean it was priced too low, rather in such cases it is more likely that the Buyer was looking for just such a property. Buyers in this market are finding fewer properties to look at and competition when they get there. If a Buyer has determined where they want to live, and the type of home they want to live in, when such a property becomes available they have learned to act quickly. This is enhanced if you have a specialty feature they desire, i.e.- a large shop building or horse facilities.
Great selling agents have their buyers poised and ready as they both scour MLS several times everyday to find the "New" Listing that suits their Customer's wants and needs.
We always talk to our Sellers about “Pent Up Demand”, so they are prepared for this scenario when it happens. If there is such latent demand it usually occurs in the first week to ten days. After that normal marketing time will prevail for the properly priced property. That will vary by area and price point, but will be consistent within the property’s feature and amenity parameters. Look carefully at the first offer. It is uncanny how many times the First Offer Is The Best, but that fact isn’t known until you are reaching the end of the listing period and the property remains unsold. That scenario is typical of an overpriced listing or falling market. Hopefully, you priced your property right so you won’t be too high, and our market is stabilizing so the latter scenario shouldn’t come in to play. That means They are simply shopping for price. Consult your Agent for a negotiation strategy and enjoy the process.
Our Advice: Price your home properly and if it sells quickly understand that you and your Agent did a good job! The property must have been show ready. The promotion must have been effective. The price must have attracted the right Buyer. The price was acceptable to you or you wouldn’t have agreed to it and signed the contract. Take the money and run. You can now get on with your life because you prepared your home right, selected the right agent, and got a good offer. Good things happen to good people. Selling quickly is a good thing. The opposite can be very frustrating. Enjoy your blessings.
Be careful of the Agent that will price it too low to make their job easy. If you are not comfortable with the pricing being suggested get a second opinion. Then be aware of someone looking to price it too high to get the listing and beat you up on price until you lower it to sell. Work with a pro and enjoy the results!
When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel and Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472 carsonvalleyland@hotmail.com, www.carsonvalleyland.com
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Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County, Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com
It's ironic how when sellers what it sold fast and you do just that first thing they say is: We should have priced it higher.
If they had it's possible the buyers would never have looked at it.
Have Great Day
Doris ... You are so right! Thanks for yiur comment!
Great topic Lisa ~ most sellers are receiving multiple offers here in Northern Nevada and are often left wondering if the price listed was to low. But the job of their Realtor is to explain how the market works, why they have so many offers (low inventory) and that just because they have one or more offers in the first couple of days listed, they still need to consider the CMA, appraisals, etc.
Sounds like good pricing to me... we sometimes have price wars on the favorable priced homes.