This past weekend I did an open house for a colleague of mine in Sunnyvale. The home was a 1980 sqft. single family home in Sunnyvale. The open house was busy, about 25 groups attended, many whispering ideas of offers and interest. This sort of activity was the activity during the 2006 and 2007 markets. This home had a wonderful floor plan. It was a spacious 4 bedroom 2.5 bath single family home with a reasonable lot on and quiet street. Downsides were that it was terribly out of date, it featured the popcorn ceiling, wood paneling, and just out dated bathrooms, and wall paper, you know your stylish grandmother’s home from the seventies, well this was it.
What was unique about this home, was it was priced to sell. The home was listed at $749,000 and could have justified a higher listing price based on its size. If the sellers wanted to they could have held strong to their original list price of over $800K but they wanted it sold.
Only time will tell what offers and received and negotiated, but I think the home will sell for market price. Sure the buyers will get a good price, but thats what you expect in a buyers market. Many sellers have yet to figure this out. Unless there is something truely unique about your home such as its construction, location, lot, or remodeling, you have to price your home to sell in this market. Pricing it above market expectations is the sure way to make sure it sits and doesn’t get any offers. In a declining market, that’s not a good strategy for getting the top price.