Great values disappear quickly!

Dated: January 12 2020

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This week I scheduled open houses at an attractive Santa Clarita home that was listed just $5,000 below the asking price of a similar place that has been on the market for more than four months. I expected to hold it open Thursday, Friday, and Saturday afternoons. One Thursday visitor was quite interested, and planned to bring his girlfriend to see the place on Saturday afternoon.

A total of ten visitors toured the house on Thursday, and by that evening that seller had accepted an offer that was $5,000 over the list price (!), and they also had a backup offer in hand. No Friday or Saturday open houses, and no chance for the girlfriend to weigh in.

I take two lessons from this sequence of events. First, a list price that’s just a little bit too high can have a chilling effect on the selling process, and second, it’s wise to move as quickly as you possibly can when you find the right place at the right price. If you write an offer before everyone who has a vote has seen the house, it’s not hard to cancel if they exercise their veto. What’s nearly impossible is to buy a house that someone else has already put under contract.

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DAVID DUNLAP

As a residential real estate executive with an extensive background in corporate marketing, I am able to apply unusually strong skills in marketing communications, e-marketing, strategic planning and ....

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