Put house on the market at what realtor thinks is a fair value. So far (only five showings) everyone likes the house but says it’s too expensive given updates they’d want to make (they don’t say what but I’m guessing updating the bathrooms as example). Would you let the property hang out longer or would you move quickly to drop the price down? We’re actually not in a rush to sell but it’s frustrating hearing everyone else say their house sold in like a day

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Let it hang out. Hot market so some may pay up when they realize they aren’t getting what they want elsewhere.

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In January, we sold a home built in the 1960s.
Well maintained but no upgrades since. We had a very rough time selling it, and had to keep dropping the price because of the "needed upgrades". Realtors don't always tell you that when you sell homes "as is", the pool of buyers shrinks and becomes mostly investors who won't bid over asking, usually making lowball offers, they don't get into bidding wars and certainly take their time. If we had budgeted for and done upgrades, we likely would have had a quick sale and possibly a bidding war and possibly enough to cover the cost of upgrades.

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My realtor drove 5hrs rt for like 6 showings when purchasing my rental. Still don’t think it should be percentage based but 🤷‍♂️

Before I go look at a home, I automatically add $25k-$50k over asking with the assumption that there will be a bidding war based on the current market.

Lower the price. You’ll get multiple offers.

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I concur with this. I’ve seen plenty of crappy homes still sell for above asking as long as they’re not super over priced. Obviously depends on how crazy your local market is.

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Is it a condo?

No , single family home. Midwestern city which isn’t as crazy as I hear some of the west coast and east coast cities are. But still a strong sellers market

Posted our house on a Thursday at lower than fair value (per realtor’s recommendation) - we got multiple offers (well over asking price) on the first weekend... we ended up getting what we wanted for the house.

Your realtor is doing a piss poor job in creating fomo..

Did you include in the listing that you’re willing to offer seller credits/concessions for needed cosmetic upgrades? Always go for that before having to lower the price on the home.

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