Lorton VA Experts! advice on pricing this right? - Posted by seller

Posted by Seller on June 05, 2006 at 13:24:32:

Reason why I’m changing is because I want to give more to the buyer’s agent rather than to the listing agent or use that to drop the price itself. It gives me more options.

I see no point in giving too much to the listing side so that’s why I’m changing agents. It gives me a bit more leeway when buyers most likely try to nego. I plan on relisting at a new lower price shortly.

Another thing is that zillow and fairfax websites don’t update so quick so it does not list homes that are sold in the last 30 days or so.

There’s also the issue of new homes with various different prices and therefore 2005 built homes have to be priced accordingly lower but don’t know by how much.

It’s hard to compare apples to apples in the lorton neighborhood, especially when homes have different designs, interior upgrades, and built from a different year, etc…

At any rate, I think I’ll be relisting at $80k below its appraised value, then if buyers come an offer or haggle, I’ll have some room to give em what they want and settle at my absolute rock bottom price.

Lorton VA Experts! advice on pricing this right? - Posted by seller

Posted by seller on June 05, 2006 at 11:08:47:

I’d like to ask experts in lorton station area what asking price would be reasonable in order to get this sold before fall?

My property is a 2005 built single home by NV Homes, less than 1 year old. 4 bed 3.5 bath granite counter top, gourmet kitchen, finished basement, hardwood floors and berber carpets. Total finished slightly over 4000 sq ft, lot size is over 4000 sqft.

It was appraised in november 2005 to be $800,000. I’m going to be relisting my proprety with a different agent but he seems out of touch reality when he suggested I test the waters by listing it at $800,000 first and then dropping the price subsequently.

I’m asking $749000 now it’s been two weeks with 2 visitors so far. Quite a few have said that it is one of the most luxurious designs in the neighborhood among many of the other properties they’ve seen, … but ironically NO OFFER.

Potential buyers are obviously sitting on the side lines.

I’d like to get this sold before fall, since I have gradschool plans. If I can’t sell by then I can still hold out but my gradschool plans will be delayed which I don’t want.

Some expert advice on pricing this RIGHT would be very much appreciated, so that it does not sit on the market for half a year.

Re: Lorton VA Experts! Advice… - Posted by Don

Posted by Don on June 05, 2006 at 12:18:51:

Let’s see. Your house has been listed for 2 weeks at $749,000. You’ve had 2 visitors and no offers. And you plan on listing with another agent? It’s a bit soon for that unless you really know he/she is doing a lousy job. Check DOM (days on market) for Lorton Station. I’m more familiar with Burke/Fairfax Station, but lots of properties have been out there for 60 days or more. I just picked up a property that’d been on the market for 103 days.

The guy you’re talking to who wants to list it at $800,000 is just trying to steal the listing. Did you get a CMA from your current agent? And from the second agent? What do those look like? Have you done your own online research? (I go directly to the Fairfax County Web site. I use Zillow and Bank of America to find any current year comps; the county only lists “Neighborhood Sales” for the past full year…in this case, 2005.

What have other similar properties sold for? In short, you have to find out what a real, solid, competitive price for your house is. That’s step one. Then, based on your own circumstances (amount you still owe, grad school plans, etc.), decide whether you want to/can reduce the price further…look at the trade-off between a quicker sale and less money.

But the key is knowing what your house is truly worth.

Hope that helps.

Solutions 3D LLC