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List it for 10-15% below MV and allow the market to push you up. Market is still doing pretty well in most regions.
Make sure whatever contract you have with the agent says you can decide not to sell if you don’t feel the price is right
Some contract states if it hits asking price you must sell I think
Commission doesn’t matter unless the buyer is an agent. Then it’s the same as a discount.
We buy properties because the numbers make sense and my wife is our realtor so we don’t have to pay the commission which lowers our price.
But I tell agents what I want to see, so sure if the commission goes up they may tell me but if it doesn’t make the cut I tel them not interested. And usually price dictates that more than anything.
I would think lowering the price would be more effective than increasing the commission. Don’t understand your logic on that.
Agreed. If I’m trying to buy your house, why do I care that you’re putting more money in my agents pocket than letting me keep more of mine?
Your realtor didn’t want you to lower the price because that lowers their commission lol
Right, my thoughts exactly!
List it a tad below market value
Thanks everyone! Our house has been on the market a few weeks. The listing agent recommended offering more commission to the buyers agent (increasing from 3 to 4%) to get more traction. I was torn because I feel like using that same money to reduce the price may be more effective.
We are selling now because we are entering the final 12 months that we would qualify for a capital gains exclusion (it's currently a rental, but we lived there 2 of the last 4 years). And I feel like with interest rates rising, property values will likely go down over the next 12 months, so now is the time to sell.
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What is the net cash flow on this property? I feel like I would still hold it but that’s just my opinion. I know you can get out tax free but I was in the same situation and I am glad I held onto the property.
Hi Accenture, this is literally the worst month to be trying to sell in the last 10 years (biggest drop since ‘11 in July). Why do you have to sell now? Can you rent it? Also look into carrying the contract, you can offer it out at lower than market interest rate (market is now 6.5%). I am looking to buy and licking my chops because it’s finally a buyers market. Are you in Seattle?
Ppl can lock in lower rates! Sell now!
Sell now, ppl loooking for homes have rates locked in!
If you need to sell quickly, drop the price a serious amount- like 20% and set a bidding period. If it’s under market price, you should get offers pushing the price back up. You will need to weigh contingencies and speed to close against sale price.
Zillow, redfin and Opendoor might be the best solution
Location?
Where? I live intown and typically the only things I see that aren’t selling quickly are places that aren’t priced right…fix your price, fix the problem I think
Opendoor
None of those companies when spoken to ever promised you would make more money. It’s a known fact they will offer you a fair price below market. They offer, do their inspection to make sure no huge damage and it will be lower than market. However there are less closing costs and fees and you can close fast similar to a cash offer. Then their teams go in and make any repairs and improvements necessary and then repost your house at market value. Example your house can and will be listed for $400k. No major damage. They might offer you $350-375k to get out quickly and allow you to move on to your next home. Not having to buy your next home with a contingency of selling your current home. It’s not for everyone but when you need a quick close that’s what I would recommend. Just like cash buyers now have less competition and can bid lower than asking because most homes aren’t getting multiple offers any more. Interest rates have climbed much higher.
I would think offering to buy points for the buyer would help.
Use redfin. Lower commission (cost to sell) and high viewing. Price reasonably to get it off market asap if you need it
OP we sold a rental this yr, can you share a bit more about the qualification for capital gains tax exclusion?