I met an awesome couple about a month ago who were looking to sell their condo and buy a home with more space. When we got ready to price their condo, we looked at what the most recent sales numbers were. We listed for the same as the last identical sale, knowing that the market would bring the price up all on its own.
In a market like this, you want to be a little bit under where buyers will come in so they feel like they have a bit of control and they can then push you up to where you want to go and you can get the benefit of that competition.
We priced the condo at $210,000 and lo and behold, we got six offers in three days. The highest offer was all the way up at $250,000!. The big question now whether the condo was going to appraise because it sold for so much higher than any comparable condos.
We knew we didn’t have time to mess around if the appraisal came in low, so the sellers agreed that they would accept the price at whatever the appraisal came in at and move forward. To our surprise (and our excitement), the appraisal came in at $250,000! My clients got everything they needed and more. They are absolutely ecstatic and so are we.
What does this have to do with pigs and hogs? Well, my lender has a phrase that goes like this: “Pigs get fat but hogs get slaughtered.” It’s one thing to get nice, fat, and sassy about where you could possibly sell your home at; it’s another to become a hog and demand that a buyer pay the price even if the appraisal comes in under that number and their lender won’t lend on the full amount. Just something to keep in mind if you or someone you know is in a similar situation.
If you or someone you know needs the right person who can help them buy or sell in Puget Sound and make the right decisions along the way, give me a call or send me an email. I would love to hear from you.