Earlier this week a gorgeous house popped up for sale in the west end.
The house was so gorgeous in fact, that it sold in a day and for more than $200,000 above the list price!
I have some clients who wanted to go take a look, but never got the chance as they're out of town until the weekend.
I'm sure they weren't the only ones who missed out.
There are easily 40+ realtors and prospective buyers who never got to step foot in the place.
Not to mention all the activity that a couple of open houses would've generated.
So, the question has to be asked, "Did the sellers leave money on the table by not exposing the property to the entire market?"
It's hard to argue with $200k over the list price.
Still... What if everyone who's in the market right now actually had the opportunity to see the property and submit a competitive offer?
Could the sellers have gotten another $25,000? Another $50,000?
There's no way of knowing.
It's actually possible that the sellers did so well because hardly anyone got to see the house.
In other words, whoever paid $200,000 over the list price was obviously very motivated to snatch the property up before anyone else had the chance.
Either way, I think this is a great example of how setting a specific "offer date" can benefit both the sellers and the buyers.
People seem to think that holding-back offers only helps sellers, by generating multiple offers and a higher sale price, but the truth is it helps buyers too.
Just look at those clients that I mentioned earlier, the one who are out of town.
A hold-back on offers would've ensured they saw the house, but instead it was listed and sold before they had the opportunity.
Remember, a house that sells in one day is only seen by the small pool of buyers who are able to drop everything at a moment’s notice.
A house that sells on offer-night is seen by the entire pool of buyers.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.