The Truth About “20% Over Asking!”

What local realtors don’t want to admit…

…myself included!

10%.. 15%… 20%… OVER asking price!

I’m sure you’ve seen Realtors advertising this kind of message.

Given how hot the market is, you’re probably seeing it now more than ever.

And, truth be told, I’m as guilty of this as anybody… probably more so.

I’ve always assumed that selling a house for 10% or 15% over the list price is pretty compelling stuff and a great way to prove my value.

But recently, I’ve been thinking about this more deeply and now I’m not so sure. Here’s why:

When agents advertise that we sold a home at 15% over asking price, we’re implying that we are 100% responsible for that amazing outcome.

If I force myself to be completely unbiased and objective, though… it’s clear that I’m not 100% responsible, especially nowadays.

There’s actually a host of factors that come into play when a house sells for SO MUCH more than the list price in this market.

For one, interest rates are shockingly low. We’re talking, once in a lifetime low, so buyers are extremely motivated right now.

And then there’s the added demand that’s been brought about by COVID. It’s created a unique and powerful sense of urgency for buyers. They want to secure a home they can comfortably work out of and feel safe in with their family.

On top of all that, there’s a serious SHORTAGE of housing inventory.

ALL of these factors are combining to create market conditions that regularly lead to bidding wars.

And these bidding wars can sometimes push home prices up hundreds of thousands of dollars over list price.

Now, don’t get me wrong.

A highly skilled agent can ABSOLUTELY impact how much your house sells for.

BUT, that agent’s skillset is just one of many important factors that are causing SOME houses to sell for 10, 15, or 20% over the list price in this current market.

The truth is, the ultimate sales price of your home is the one thing that an agent can’t fully control.

Yes, I can influence it. I can give you every possible advantage. But I can’t fully control where that number lands.

As I described, there are just too many outside factors that come into play.

What I CAN control is how attractively your home is presented to the market through top quality staging, photography, video marketing, and more.

I go over your property with a fine-toothed comb examining every single detail that’ll either attract buyers or deter them.

And then I figure out how best to highlight the former and downplay the latter.

Having a keen eye to guide the prep work that takes place before your home hits the market is so critical.

I make sure your home has the optimal offer price to generate the most interest and invite the most offers.

When those offers come in, I analyze every one for strengths and weaknesses.

I speak with all the buyers agents and probe for more information… Any little piece I can get that’ll reveal just how motivated their client truly is.

You’d be amazed at how much you can learn if you just know the right questions to ask and how to ask them.

And then, I leverage the offers against one another to put you in the best position during the negotiations. This, I can control.

I can control how stressful this whole process is by finding out what’s most important to you up front.

I spot problems and red flags and take care of them before they ever become an inconvenience for you.

And, I can control what your overall home selling experience is like, because I understand that selling a house is much more than just a financial event.

I know your home is where you’ve built your life in ways both big and small.

With that in mind, I make sure this major life event is handled with genuine care, warmth, and consideration.

I make sure you’re always in the loop and every question or concern is promptly and thoroughly addressed. I CAN control this.

At the end of the day, a Realtor who’s truly great at what they do does deserve some of the credit for generating that wildly high sale price you’ve been seeing advertised.

But, to take all the credit misses the point about how a skilled agent actually adds value for you during your home sale and about what they can influence vs. what they can outright control.

So, the next time you see me or another agent reference a home sale with at 10, 15, or 20% over asking, know that there were many reasons for that outcome.

And know that if the agent was exceptional, they added value for their client in many more ways and on a much deeper level than just the final sales price of the home.

Schedule your no-pressure consult with Eva Lin.

Learn how I work, deliver outstanding outcomes, and treat your interests as my own every step of the way.

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