5.1.09
Joe DiMeo reported to me this week on the results of that open house – He told me he had over 100 people come through the house and 5 confirmed offers on the property within 48 hours (a couple over asking price!). Read more about it here:
It was definitelty an amazing result and the result of hard work by Joe and good team work by the seller and Joe as far as presenting the property for sale, outreach/marketing, proper pricing, and great communication skills.
On the note of proper pricing, Joe and I have had a laugh over the past 2 months looking at absurd house listings where, for example, the agent quoted “priced for a quick sale” in the comments section and the days on market (DOM) figure is well over 200!
I mean, c’mon folks. Too many people, I think, when they go to sell their home, fantasize about hosting an “Open House for Dummies”. At this fictional open house, only stupid buyers with no internet access, no buyer’s agent, and no brain come and bid exorbitant prices on lame properties. And subsequently, many of these “dummies” offer an exorbitant price for the home making 2005 prices look like bargains.
Back to reality – buyers, who have access to buyers’ agents, the internet and other data sources, know the market is more realistically aligned with INCOME levels, now that banks look again at income as a qualifying factor (in fairness, MANY local banks have done an outstanding job of risk management in their mortgage underwriting). Also, even if some fool offered well over asking, the bank would NOT GIVE a loan for an amount over the appraised value so unless the buyer is mostly or all cash, it’s a waste of everyone’s time.
I admire Joe because he has been a proper pricer of homes for years and this has helped his clients sell in a reasonable amount of time. I have worked with people in situations where their asking price was WAY too high (it could be either the seller or the agent’s fault) and NO ONE came too look – gee wonder why? I think proper pricing is what a real PROFESSIONAL broker will do and accepting current market valuations is what a MATURE adult will do – therefore in this real estate market, if you combine a professional agent with a mature seller, the chances the property sells quickly are much higher.
Chris Grande
