Hellow guys, Welcome to my website, and you are watching Mike Explains: Listing Price. and this vIdeo is uploaded by Mike Dunfee Group at 2021-07-26T13:52:43-07:00. We are pramote this video only for entertainment and educational perpose only. So, I hop you like our website.
| Name | Mike Explains: Listing Price |
| Video Uploader | Video From Mike Dunfee Group |
| Upload Date | This Video Uploaded At 26-07-2021 20:52:43 |
| Video Discription | In this video, Mike explains how the listing price for a property on sale is determined. Click here to read it at the blog: https://bit.ly/MikeExplainsListingPrice. Check out our website at https://www.longbeachpropertymgmt.com. Dunfee Real Estate Services, Inc. DRE # 02026232 #longbeachcalifornia #listingprice #realestatetips #realestate #californiarealestate #mikedunfeegroup #longbeach #landlord #tenant TRANSCRIPTION: Imagine, if you will: you're thinking about selling that condo, the one you love, kind of outgrown, and maybe buying a place, a house in that neighborhood that you've been eyeing for a while. But then, you hear your friends and even on the news all this talk of all these homes are selling over list, 40,000 over list, 100,000 over list price, and all this. And you start thinking, "what is this list, what is this list price, who comes up with it, what's it really mean?" I'll explain. Listing price for those who don't know: listing price is the price that a property owner is asking for a property that is for sale. It is also referred to as the asking price. When a property owner lists a property for sale they engage the services of a listing agent to represent them in that segment. The listing price is named in the Listing Agreement which is the contract between the seller and the listing agent, then the property is listed in the Multiple Listing Service which is often referred to as the MLS thus the term listing price. FYI, the listing price can be changed or adjusted by the seller anytime up until the property is under contract, this is often done to bring more buyer interest to generate a sale. So, in other words, if there's not enough interest, the seller may reduce the price to make something happen. The listing price is determined in collaboration between the seller and the listing agent, this process usually occurs in a very official top-secret location known as the kitchen table. Presumably, people pricing a listing are using market data like comparable sales, competing listings, and market trends when pricing a listing. But who knows? They might just be basing it on how much money they need. There's three primary strategies that sellers and the listing agents use when pricing a new list. Number one, is the list loan generate activity strategy: that's where the list price is set below the anticipated sales price. The hopes are that you get multiple offers and generate activity and thus bid up the final sales price. Number two is the list high and negotiate down strategy: this is where the list price is set higher than the anticipated sales price and you negotiate down. And number three, the just-right or the goldilocks strategy, that's where the list price is set as close to the anticipated sales price as possible. There's no single best strategy, there's advantages and disadvantages to all of them, this would be a great topic for a future Mike Explains. For now, just know all three strategies exist. So, when you see a listing price you now realize that that's just the sellers asking price and that you should have your own separate opinion of value. Smart buyers and sellers know that a listing price is just a place to start whether you're getting ready to list a property or evaluating one to buy. I strongly recommend you find an agent that you trust, an experienced agent has gone through this process many times and they'll be there to guide you through your decision throughout the entire transaction. I know it's a lot, and here at the Mike Dunfee Group we're happy to help. Well, I hope you liked this edition of Mike Explains, if you did please click around and subscribe and share it with your friends, and thanks for watching. |
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