Now more than ever in real estate, price is the name of the game.
Friends of mine recently listed their house in Coral Gables with Elena Kemper and Libby Klein of EWM. The house has 4,000 square feet and sits on a 15,000 square foot lot. It’s been completely updated and is absolutely gorgeous. They priced it very aggressively at $999,995 (that’s $245.34 per square foot), and it sold WITHIN 3 DAYS of it being put on the market.
The question that keeps arising in this market is if we price it too close to where we believe it will sell, are buyers still going to want to negotiate it way down? So people are trying to price higher to leave room for negotiation, but people are losing buyers these days. Sellers are often pricing so high that people won’t make offers. Yet here’s a perfect example where they priced low, and it sold quickly, very close to the asking price.
A beautiful listing I currently have at 1123 Placetas sat on the market for 41 days priced at $1,080,000. When we reduced it under $1 million to $989,000, which was a very fair and realistic price in this market, we had an offer and it went pending within 13 days. While this is still pending and we have to get to the closing table, it does truly show that price matters.
