Background
A Del Val client and owner of a property in Royersford, PA, approached us for assistance in selling their property. Our analysis of the area revealed that the most recent comparable property was sold for $344,900 in September last year, with similar beds and square footage.
Strategy
After careful consideration, we recommended that the owner list the property at $339,900, which was $5k below the last sale price. Our rationale was that this would generate significant interest and possibly lead to a bidding war.
Results
Our recommendation proved effective, as we received 10 immediate showings within the first 3 days of listing the property on the MLS. One of the buyer's agents provided excellent written feedback, indicating that their buyer was considering making an offer. We informed the agent that there was a lot of other interest in the property and asked them to make a "strong" offer as we expected the property to go under contract very quickly.
The buyer's agent came back with an offer that was $20k higher than our asking price, which was accepted by the owner. Our strategy of listing the property slightly below market value in the hopes of generating more interest and receiving higher offers worked exceptionally well, resulting in the owner selling for $20k higher than expected.