The most successful sellers understand that one of the most important, strategic decisions for any home sale is the list price.
We have known for decades that our market has a listing strategy and cadence different from just about every other market in the country. The majority of East Bay listings market a “teaser” price as the list price, with a set offer date on which the seller will review offers.
This long-standing listing strategy is intended to attract a wave of attention, multiple offers, and a competitive negotiation – all to drive the highest price the market can bear with the most competitive terms. With blind bidding, buyers are tasked with finding and offering their highest price. And, as competition for a home grows, buyers grow their budget in turn.
It is evident in the data that a home that goes into contract on or before their offer date procures a higher sales price compared to those that linger past. If we look at the homes that have closed escrow this year, those homes that sold by their offer date had an average sales price 31% higher, compared to homes during the same time that sold beyond their original offer date. When we are talking about $1m+ sales prices, that difference equals hundreds of thousands of dollars more. That is a big difference!
As the market shifts and sways, knowing where to list a home is the difference between multiple offers (and negotiating leverage), and no offers. Leverage is everything when it comes to selling your home for the highest possible price.
If you are thinking of selling, reach out. We would love to meet!
