So here’s the update on yesterday’s post I May Be Buying Again. Last night at 5PM. my wife and I visited the 3BR/3.5BTH Condo with a gorgeous eat-in kitchen, W/D, a formal dining room, and a corner living room with open river views. We were not alone. The apartment was packed with prospective purchasers who all seemingly wanted this apartment. Some were already measuring for their furniture and discussing the neighborhood. All had looks of disdain for the others as they spoke in whispers about how they would make this apartment "theirs." It was a scene reminiscent of last Winter when buyers often became manic with thoughts of "beating" others to "win" properties in bidding wars. The difference between last night and last winter was the asking price.
Anyone who reads this blog knows that I am a huge fan of pricing property aggressively to appeal to the broadest segment of the buying pool. This is precisely what the agent representing this 3BR condo has done and his sellers are going to reap the rewards of an efficient sale (highest price in quickest amount of time…about 4 days) because they listened to him regarding pricing. By setting an asking price of 20% less than market value (my opinion of course but I think i know my market), the seller’s and their agent have done what few have been able to do in this somewhat stagnant market and that is bring in a plethora of bidders.
If negotiations for this apartment are handled properly and they indeed proceed immediately to a highest, best and final offer over the asking price scenario, then this property will sell for exactly where the market says it should. If you’re a seller, what more can you ask for than that?
By the way, my wife were only prepared to pay the asking price because at that number it was a deal in my mind, even if we are heading into a recession which remains to be seen. We also decided to remove ourselves from the bidding because we just aren’t ready to give up the amenity-rich environment of our current building. With a 4 and 6 1/2 year old, it would be too painful to give up the pool, playroom, basketball court, and gym that we have all grown so accustomed to. So for now, we stay where we are…HAPPILY!