Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

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Rainmaker
527,095
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Yes, sometimes offers come in before the buyers even see it.

May 20, 2018 03:40 AM
Rainmaker
556,568
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

That is a strategy some sellers are using - priced under market and then getting multiple offers which raise the price over asking. I suggest price it to sell at market right from the start. This should eliminate some of the bidding frenzy which can create hard feelings for those who lose out.

May 20, 2018 01:08 PM
Ambassador
3,055,895
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

No. 

Because an offer deadline is set and most of my sellers will not consider preemptive offers. 

May 20, 2018 09:15 AM
Rainmaker
1,722,845
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Who gives a ---- about an open house. Put it on the market using the MLS & sell the sucker.

May 20, 2018 07:11 AM
Rainmaker
4,209,376
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

I do not do open houses but proper pricing draws significant inquiries.

May 20, 2018 05:50 AM
Rainmaker
888,887
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

"A bit below current market value.."

No, the buyer is typically unaware of what a 'bit below' means.  Is that the difference between the cost of the original tub and the free standing tub?

However, 10% is noticeable in a $500,000 community.

Initial offering below market value is a good strategy for a quick sale. After all, PRICE is what compresses the time to sell.

If the seller agrees to 'sell at first open house,' and has enabled the agent, then that should be the 1st open house purpose. Agent needs to implement accordingly.

 

May 20, 2018 04:24 AM
Rainmaker
3,616,999
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Not only a bid, but a bidding war.  

May 20, 2018 03:53 AM
Ambassador
4,256,868
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Right on the money or a teeny smidgen below is what I am seeing here too, Praful. 

May 19, 2018 11:28 PM
Rainmaker
1,525,305
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Our market is more driven by the price range.

May 19, 2018 10:52 PM
Rainmaker
645,288
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

I don't see the open house as the key selling tool, the MLS should get it sold immediately though.

May 20, 2018 12:59 PM
Rainmaker
1,109,295
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

No, I expect it to Sell the day it hits the MLS. The heck with open houses if it's priced "too" well.

May 20, 2018 10:15 AM
Rainmaker
1,387,073
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes.

May 20, 2018 09:05 AM
Rainmaker
5,586,197
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

It depends on the marketplace.  A

May 20, 2018 08:36 AM
Rainmaker
1,736,068
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

The agent I sent a referral out to recently did just that.  Placed it a bit under market to get bids.  They accepted offers for 3 days and it was bid up about 5%.

May 20, 2018 08:16 AM
Ambassador
2,570,787
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   A good house priced significantly below market (not just a "bit") will bring offers when it hits the MLS.

May 20, 2018 07:45 AM
Ambassador
2,074,237
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

It wouldn't even make it to the open house date. 

May 20, 2018 07:37 AM
Rainmaker
1,639,786
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

And usually multiple offers at that!

May 20, 2018 07:33 AM
Rainmaker
3,331,180
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I try to void an open house and set up showings on day 1. Buyers bring more buyers AND Offers bring more offers

May 20, 2018 07:22 AM
Rainmaker
577,189
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

After listing a property when the market is hot, I delay offers by 3-4 days, and have an open house in this time period.  This will hopefully result in more than one offer and me doing my job for my client trying to get them the best price possible.

May 20, 2018 07:11 AM
Rainmaker
5,571,880
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

When priced in the fair market range, we get offers at the open house....

May 20, 2018 07:06 AM
Rainmaker
551,442
Matthew Klinowski, PA
Downing-Frye - Naples, FL
Golf Community Real Estate Specialist

Agree we are seeing a similar trend in our area.  In fact, we often end up with multiple offers before we have the first open house.

May 20, 2018 06:50 AM
Rainmaker
3,069,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

It depends...

May 20, 2018 06:27 AM
Rainmaker
2,641,652
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I always come out at market or below. Phones ring, showings abound=sold!

May 20, 2018 06:27 AM
Rainmaker
991,135
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Pricing is an art and there is some strategy involved

May 20, 2018 06:00 AM
Rainmaker
6,606,186
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

In our area, there is no need to wait for an open house.

May 20, 2018 05:43 AM
Rainmaker
4,799,491
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I would, depending on the home and location.

May 20, 2018 05:16 AM
Rainmaker
849,960
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

If priced a little low, demand will usually drive price back up. Many agents can spot this strategy, and will advise their buyers to write an offer above the listing price.

May 20, 2018 05:13 AM
Rainmaker
259,017
Lesley Wilson-VanGoethem
Innovative Realty Solutions Group - Winter Springs, FL
Residential Real Estate Broker Associate

yes,,,

May 20, 2018 05:09 AM
Rainmaker
4,116,685
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't do open houses, especially in a hot market. Frankly, no need to price below current market value... just price it right and the traffic and offers will come in when home is properly staged and marketed.

May 20, 2018 05:06 AM
Rainmaker
1,230,020
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Yes, it's the Power Pricing Method.

May 20, 2018 04:32 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not sure that the open house has anything to do with that. With a shortage of inventory good REALTORS® check the MLS at least 3 times a day.

Jun 18, 2018 01:45 PM
Rainmaker
4,938,372
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

If priced at fair market value, I do expect multiple offers to come in within hours of listing.

May 24, 2018 03:59 PM
Rainmaker
910,796
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Our market is  mostly multiple offers. To better manage the offers, we state an offer deadline in the mls for all agents to heed and we do not take preemptive offers. Of course, this is by agreement with our sellers.

May 22, 2018 02:38 PM
Rainmaker
1,518,916
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

We usually set a due time and it is after first public open house. 

May 22, 2018 12:33 AM
Rainmaker
4,433,693
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Depends.

May 21, 2018 04:09 AM
Rainmaker
710,004
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

No, not really... in my market.

May 20, 2018 10:27 PM
Rainmaker
3,985,865
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

You can also lose buyers because they know what you ahve done

May 20, 2018 08:19 PM
Ambassador
3,986,710
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Homes priced right are selling before they have an open house. I haven't done one in months.

May 20, 2018 07:56 PM
Ambassador
5,408,079
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Seems like a good pricing plan.

May 20, 2018 05:18 PM
Rainmaker
70,634
Ricardo Mello
Manhattan Miami Real Estate - Manhattan, NY
Manhattan & Miami Real Estate Agent

I usually like to do that!

May 20, 2018 02:17 PM
Rainmaker
2,404,254
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

What is this open house thing you speak of? ;-) 

I am in an extreme sellers market...many homes gets a flood of first day visits and multiple offers.

I encourage all my sellers to market price their homes, not overextend or undervalue the property.

May 20, 2018 01:45 PM
Rainmaker
4,099,150
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Each property listing and each seller is unique/ different.  Each situation has a specific plan.

May 20, 2018 01:34 PM