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Open House #2 update

May 4th, 2015 at 03:13 am

Okay so we ran our second open house which had issues since half the road to my house was close. Hence why we ran even two open houses. That is not my realtor's strategy normally.

But it wasn't bad there were 11 buyers who came. 1 was a broker/buyer she was expecting Saturday. 1 was a broker who came for a family who came and sent him on Sunday! She said she was trying to pump him about his clients but he didn't want to chat with so many people about. Apparently they all came at the same time probably due to traffic the last 30 minutes of open house.

Today bids are due on our house. I am have severe anxiety. I realized last night we are seriously underpriced compared to the market. We are sitting at $360/sq ft and everything else on the market (ie my town) is pricing at $400+/sq ft in our price range. EVERYTHING. There are 12 other properties both condo and SFH between $600-800k. Most are 3 bedrooms and some are 2 or 4 bds. VERY few have as much sq ft as we do. Most are much smaller around 1200-1500 sq ft.

So by that simple metric and not considering that ours are in better condition from the photos (updated kitchen/baths, etc) we could easily have priced at $380/sq ft = $733k, or $400/sq ft = $772k. I'm nervous what a fair price for our house might be. I know my realtor's strategy was to underprice for a bidding war and she's sure that the market will correct us to what we should be. But all three realtors we interviewed suggested $699k and said we'd end up in the $700sK+ guarantee. But where?

Now a lot of our competition went under agreement the first weekend for above asking like a condo that was $729k and 1790 sq ft. They were 3 bd/3ba but with an underground garage. So they were around $405/sq ft and new construction 2010 versus 2005 renovation (us). But our location is superior by FAR, they are across a busy main road from McDonald's. Not that there's anything wrong with that but we are off a main road on a dead end that's on the superior side of a highway for our town. My views are much quieter and nicer. And two units from that complex went on the market 3 and 4 weeks ago and sold the first weekend for $729k+. How much I have no idea.

Garage and newer is definitely worth a lot. But superior location and slightly bigger and better street is worth something too. Especially since nothing close to our location is on the market. And homes on my street go for $1M plus usually versus the other area doesn't touch that. I live where a lot of SFH go for $2-3M+ and my street has "smaller" older homes that are "only" $1M. Actually the multi-family on my street for sale is under agreement for $1.8M+ and needs a gut rehab.

According to redfin we are a "hot" home with over 250+ views and 30 favorites. I'm not sure how they predict that we will sell in 8 days and we are "hot".

Let today's anxiety begin.

2 Responses to “Open House #2 update”

  1. creditcardfree Says:

    ((Hugs)) I sitting here having anxiety about some repairs...they will probably be fine, but I just want it over and done with. This is one reason renting really appeals!

  2. LivingAlmostLarge Says:

    I am stressing out. And I was texted we have an offer coming in. We'll see.

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