Price it, sell it – there really is no mystery to this

A week ago I wrote about 30 Spruce Street in Riverside, which the listing agent Cathy Adams brought on at the same price her clients had paid for it in 2002: $1.425 million. I saw Cathy today and she told me they had four serious bidders and it’s already on its way to contract. Now I’m pretty sure Cathy was an IBM executive in her past life so okay, she’s really smart, but sellers could be just as smart as she by pretending it’s 2002 again. The choice is yours: sell your house in a week or price it where you hope it will return to three years from now. My advice is, if you want to sell now, do it right. And if you want that future price, wait until then before listing it.

And by the way, this example – four bidders! – also points out what I’ve been saying: there are tons of buyers out there, all ready and able to buy a house. They aren’t bottom feeding, but they also aren’t willing to pay 2007 prices. When a well-priced house appears, they snap it up.

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5 responses to “Price it, sell it – there really is no mystery to this

  1. foobar

    I completely agree with the analysis

  2. Dairy Anne

    Me too. Been looking for two years EVERY weekend and even put an ad on Craigslist looking to buy. We were outbid on two well-priced houses before we finally had success…a house that had been on 3/4 of the year. We’re out there! People don’t realize that buyers come to recognize the sellers that aren’t even worth approaching based on their silly list prices!

  3. pocus

    Chris, what do you think of Park Ave in OG? I find it a little depressing, some of the houses are terribly kept, but I see some land sales there recently and wondered if you think its up and coming. Anyway, I chimed in bc we, too, have been looking for the better part of two years, are READY and can’t find a darn thing worth living in! We read your blog every day, by the way, so thanks.

    • christopherfountain

      It’s a convenient location, but I wouldn’t pay what some buyers have. Then again, they now live in nice houses in a good neighborhood, so … Still, I think home owners there have an inflated idea of what their home’s worth.

  4. Kidding Really??

    I have said the same thing on this blog for 2 years. Price it right if you want to sell. Katherine Adams is a good broker.