Sellers: Relish Youth, and Seize the Day, Says Ardmore Property Parabola

Ardmore Condo: First Offer was $32,000 above final price.

This very nice 3-bed, 2-bath condo in the Walnut Hill development in Ardmore near Wynnewood Rd & Haverford Ave. sold early March 2012  for $318,000. This well-coiffured end-unit was listed 12 months earlier for $375,000 and attracted a $350,000 offer from my ready and willing buyer-clients within two weeks of hitting the market.
Excited by the early flurry of interest in their unit, the ailing and elderly Sellers were unwilling to accept the 350k and wound up staying put much longer than they intended. Sadly, their patience was rewarded with $32,000 less cash than they could have had if they had taken the first offer.
Lots of lessons to be learned here.
Lesson #1 You only get one chance to be the New Kid on the Block and the Darling of the Market. Price your home sharply from the get-go and don't become inebriated by the predictable flurry of agent and consumer interest that comes with being the new kid. Remember when you were 21 and thought you'd always be able to stay up all night, run 5 miles and eat without instant weight gain? As we all know, Aging Happens and it happens faster to New Real Estate Listings. Once your debut weeks expire, agents and sellers start to wonder what's wrong with you and how desperate you are to sell....
Lesson #2 : Sellers shall not squandereth their Youthful Days on Market.  Price your home to sell and realize that as each week goes by, newer and more aggressively priced (to beat your price) houses and units are going to steal the limelight. Relish your debut and new time in the spotlight by pricing well from the get-go and by accepting each and every showing opportunity you get the first few weeks. If you get a decent offer, think long and hard before letting it get away. It might be a year until you get another. And even then, it will likely be for considerably less.
Lesson #3  Buyers shall not be Intimidated by List Price.  Within 90 days after rejecting the $350,000 offer, the Sellers' asking price was reduced to exactly that number - $350,000. And that's where the asking price stayed for almost 6 months, until the eventual $318,000 Buyers decided to tender a bid. Most properties sell closer to 5% of asking price but this one sold for a nearly 10% discount. The dollar differential is substantial and will pay for years and years of condo fees. If you don't ask you won't receive so don't hesitate to reach for something that might seem - at first glance - to be out of reach.