New Listing - Campanile Plan 3 home in Northpark Square (15 Inglenook)

I'm wondering if it's worthwhile to hold on and wait for other potential offers.  There could be a handful of people who didn't see the listing within the week it was listed and might be missing out on bidding for the property.  Just curious about this super fast strategy.
 
woodburyowner said:
I'm wondering if it's worthwhile to hold on and wait for other potential offers.  There could be a handful of people who didn't see the listing within the week it was listed and might be missing out on bidding for the property.  Just curious about this super fast strategy.
Click to expand...

Be picky about who you choose to be your agent and put trust in him.
 
woodburyowner said:
I'm wondering if it's worthwhile to hold on and wait for other potential offers.  There could be a handful of people who didn't see the listing within the week it was listed and might be missing out on bidding for the property.  Just curious about this super fast strategy.
Click to expand...

There were 18 agents that showed the property from last Tuesday to yesterday along with 50+ perspective buyers coming to the open house this past weekend so most of the people that wanted to see it saw it.  The first offer came in last week on Friday along with the other two came after so it really wasn't a good idea to stall those buyers.  We responded with a best & final counter to all of them and they put their best feet forward.  I believe that the process yielded the true market price as all of the best & final counters were within less than 2% of each other (they all increased their initial offers).  In my opinion, the longer the property sits the worse position the seller will be in (especially once you get past 30 days on the market).  Multiple offers give leverage to the seller and when a seller has leverage they should use it.  Also, the seller already purchased a new property and will be moving into it soon so they wanted to minimize the time that they would have two mortgages.  Remember....time = money. 
 
Compressed-Village said:
woodburyowner said:
I'm wondering if it's worthwhile to hold on and wait for other potential offers.  There could be a handful of people who didn't see the listing within the week it was listed and might be missing out on bidding for the property.  Just curious about this super fast strategy.
Click to expand...

Be picky about who you choose to be your agent and put trust in him.
Click to expand...

Looks like a sellers market now. So milk the cow aka buyer.
 
USCTrojanCPA said:
woodburyowner said:
I'm wondering if it's worthwhile to hold on and wait for other potential offers.  There could be a handful of people who didn't see the listing within the week it was listed and might be missing out on bidding for the property.  Just curious about this super fast strategy.
Click to expand...

There were 18 agents that showed the property from last Tuesday to yesterday along with 50+ perspective buyers coming to the open house this past weekend so most of the people that wanted to see it saw it.  The first offer came in last week on Friday along with the other two came after so it really wasn't a good idea to stall those buyers.  We responded with a best & final counter to all of them and they put their best feet forward.  I believe that the process yielded the true market price as all of the best & final counters were within less than 2% of each other (they all increased their initial offers).  In my opinion, the longer the property sits the worse position the seller will be in (especially once you get past 30 days on the market).  Multiple offers give leverage to the seller and when a seller has leverage they should use it.  Also, the seller already purchased a new property and will be moving into it soon so they wanted to minimize the time that they would have two mortgages.  Remember....time = money. 
Click to expand...

Maybe 7-10 days is the magic time period then.  I was thinking at least 2 weeks, but close enough.
 
paperboyNC said:
Also keeping a home in a condition where it is looking great is not easy. As soon as you go into escrow you have no more showings.
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This is very true, especially when you have little kids.  Keeping the house in great show condition with little ones is a job in itself.  The sellers are definitely glad they are done with showings.
 
eyephone said:
Compressed-Village said:
woodburyowner said:
I'm wondering if it's worthwhile to hold on and wait for other potential offers.  There could be a handful of people who didn't see the listing within the week it was listed and might be missing out on bidding for the property.  Just curious about this super fast strategy.
Click to expand...

Be picky about who you choose to be your agent and put trust in him.
Click to expand...

Looks like a sellers market now. So milk the cow aka buyer.
Click to expand...

A lack of good resale inventory is driving that.  If not for the new home inventory, there would have been bidding wars on more listing and Irvine home prices would have been up even more.
 
woodburyowner said:
USCTrojanCPA said:
woodburyowner said:
I'm wondering if it's worthwhile to hold on and wait for other potential offers.  There could be a handful of people who didn't see the listing within the week it was listed and might be missing out on bidding for the property.  Just curious about this super fast strategy.
Click to expand...

There were 18 agents that showed the property from last Tuesday to yesterday along with 50+ perspective buyers coming to the open house this past weekend so most of the people that wanted to see it saw it.  The first offer came in last week on Friday along with the other two came after so it really wasn't a good idea to stall those buyers.  We responded with a best & final counter to all of them and they put their best feet forward.  I believe that the process yielded the true market price as all of the best & final counters were within less than 2% of each other (they all increased their initial offers).  In my opinion, the longer the property sits the worse position the seller will be in (especially once you get past 30 days on the market).  Multiple offers give leverage to the seller and when a seller has leverage they should use it.  Also, the seller already purchased a new property and will be moving into it soon so they wanted to minimize the time that they would have two mortgages.  Remember....time = money. 
Click to expand...

Maybe 7-10 days is the magic time period then.  I was thinking at least 2 weeks, but close enough.
Click to expand...

I do agree with you that you need to have a home on the market long enough for perspective buyers to see the home (including open houses for buyers who aren't working with an agent or can't see the home during the week). 
 
Got word from escrow that the loan has funded and that we are set to close and record this afternoon.  The final closing price will be $1,110,000 or $10k above the list price from a financed buyer.  Other two offers were at $1.09m (all cash) and $1.1m.  Congrats to both the buyer and seller.
 
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