Crickets, Then Multiples

By Dave Fratello | October 16th, 2014

Not every bidding war starts within days of the launch of a listing.

Twice this year, we've had listings that hung around a bit, then drew multiple offers at the same time.

First it was at 1600 N. Poinsettia (2br/1ba, 920 sq. ft.).

We logged about 3 weeks on the MLS with the listing and had no offers. (An offer presented before we brought the property to the MLS was not accepted and was not re-presented after the MLS launch.)

The seller didn't panic. It was Spring, there was time, no urgency, so we just waited.

And then, on one day, two offers came in.

With two parties engaged, the sale price went a bit over asking: $1.370M (+$20K).

We repeated the experience, in a way, with 3300 Poinsettia (5br/5ba, 3430 sq. ft.) (Remember, the big home with the "Secret Room?")

The listing launched in early June. We had lots of showings, good attendance at open houses, plenty of views online here at MBC, and on the other big real estate websites.

But offers? No.

There was resistance to the start price ($2.520M), but after a couple/few weeks, you might expect offers to start coming in, just under asking price. Nothing.

We tidied the house further, amped up the marketing, ran more open houses, and cut the price (to $2.475M).

There was still interest, there were some buyers circling, but no offers. After 8 weeks, we put the listing on hold to revamp the house inside.

A low offer came in (via Zillow), but it was not to be a match.

At the end of August, as school was restarting and the market was preparing for a busy Fall, we brought 3300 Poinsettia back to market. Same house, but looking much better.

And 3 days later, we had two offers come in on the same day.

Both were below asking price, but both moved in response to the competition.

The final sale was for $2.450M, just 1% off the adjusted list price.

Both sales offered a good lesson: Don't panic. Don't move too far, too fast. If you believe in your price and stick to your guns, you might well see a late-developing competition for your property.

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