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I wanted to share a little story with you today that happened about a month and a half ago. I took a new listing in an area with very little inventory. In fact, this property was only one of two in the entire community for sale. I knew the listing would go quickly and I knew it would go for a great price because there weren’t a lot of other options, and because the law of supply and demand dictated it.
The last time this property sold was for $850,000. I priced the property for $880,000 because it had some upgrades, and features that the other home for sale in the community didn’t. We thought that it was a very reasonable price, and we expected to get the full asking price. We got five offers in two days and much to our surprise, one of them was a cash offer of $900,000.
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We got five offers in two days.
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We were not expecting that.
The fact that this was a cash buyer was great too because we didn’t have to worry about any hiccups down the line. Many sellers focus on what the home has sold for in the past. I wanted to bring this example to you because it shows that sometimes it doesn’t matter what a home has sold for in the past. A home is worth what a buyer is willing to pay for it. In an area with high demand and low supply, your expectations might just be exceeded as a seller.
If you are working with a property or thinking about selling a home in an area with high demand and a low supply, give us a call or send us an email. We would also love to hear from you if you have any questions or suggestions for future video topics. Until then, happy selling!
If you are working with a property or thinking about selling a home in an area with high demand and a low supply, give us a call or send us an email. We would also love to hear from you if you have any questions or suggestions for future video topics. Until then, happy selling!
