how much below market for quick sale?

Question

Here my question. Is there a number below market value that would enhance the likelyhood of a 30 day sale. I know it depends on the market. But is there a number where there's a turning point in a buyers interest. Perhaps 90%,80% or 70%. My goal is to have a quick sale so that my holding cost are keeped to a minimum. I think I would forsake some profit in trade for the reasurance of a quicker sale. What do think?

Thanks, Todd

Joseph Hernandez · Answer

"Check with local agents. They will know what is selling. Ask for comparables. Ask for days on the market and what % of asking price the proeprties are selling for. The statistics are there."

You can get this info from Redfin. Type the city and state you want to invest in. click MARKET INSIGHTS, and you will find this info.

N/A N/A · Answer

Depends on how hot the market is in local. I agree about talking to a good realtor that works the area. They should have a pretty good idea of where you need to price to sell it quick.

Account Closed · Answer

There is no specific number.

1. Check with local agents. They will know what is selling. Ask for comparables. Ask for days on the market and what % of asking price the proeprties are selling for. The statistics are there.

2. Consider learning about the process where you effectively run an auction. You are advertising at a minimum price and then acepting offers higher. There is a book that lays out the process but I do not have the title. The magic is to get enough people to view the place so you know that the offers are the best price possible.

If you want I can try a few searches for the book. I had an email from a person who uses it so I might be able to find the pst communication. Just PM me if you can not find it and want some help.

3. Budget for the holding costs. At some level it is better to hold a bit longer than to dramatically lower the price further. It takes time to get the word out and to get people through the property. It is not a linear relationship. Going lower after a certain point will not reduce the holding costs by less than the discount costs you.

John Corey

N/A N/A · Answer

Thanks John, didn't think there would be a clear number. With all the variables it's more of an art than a science I suppose. It would make sense to have as many people as you can get at an open house simply to get a more accurate opinion of its value.

Thanks, Todd