Thursday, January 28, 2010

Pearl of Wisdom-Don't Be Afraid to Pay Full Price If It's Priced Well

I recently had a buyer get into a bidding war on a great condo in Jersey City. Typically in these situations, a listing agent will ask everyone to submit their final offer, "a best and final offer" with the highest bidder usually winning.

Their original offer was a reasonable 7% below asking, but I explained to them that they'd have to be more aggressive with their best and final offer to get the property.

Part of the reason the property went into a bidding war situation was that it was priced very aggressively. After showing them comps for the area and seeing that comparable sales were higher, they decided to put in a full-price offer and...guess what?....they won the bid!

So...don't be afraid to go full price if the local sales show you that the property is priced well.

Information provided by:

Kevin Dowd
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
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