7th Thursday Mar 2013

The Perils of Pricing Homes Deliberately Low

Written by: Vanessa
Comments: 0
Category: Real Estate Bits
Hysteria in Highland Park: Listed for $379k and sold for $542

Hysteria in Highland Park: Listed for $379k and sold for $542

Who can forget 1428 Mount Pleasant–the incredibly charming Highland Park bungalow that sold for $163k over asking? Priced at $379k, it got an avalanche of offers and finally closed at $542k.

By “deliberately low,” I mean beyond the realm of reality and possibility (i.e. a 500k turnkey, view home in Los Feliz). While this strategy is almost always great for sellers, it’s daunting and exasperating for buyers.

Enticing buyers with a desirable price is one thing, but luring them into a situation where they don’t stand a chance anywhere near the asking price is disheartening. So what are buyers to do?

An exceptional agent will do the legwork for you, like:

– Getting recent comps (values) for a property
– Give you a good idea of what a home will end up selling for based on recent values
– Tell you from the beginning not to get enamoured with a home priced deliberately low
– Tell you when you’re being crazy if considering making a poor financial decision
– Guide you when confronted with the blasted “Best and Final” counter offer

Don’t want to shoot out a number in the dark? Let me know.

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