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The 411 on 5s and 10s
Tru Advantage Realty Video Blog
English - August 31, 2020 17:06News real estate for sale agents top local find agent home Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Here’s why you should give some of the stranger numbers (1,3,7,9) some love.
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Typically, when you find yourself in a multiple-offer situation, the first increment by which you and your agent think to go above asking price is either $5,000 or $10,000. I see this strategy all the time from buyers bidding on one of our listings.
Here’s the truth: Making your offer $5,000 or $10,000 above asking price won’t help it stand out; if thinking in 5s and 10s feels natural to you, that’s because it’s natural for everyone. Instead, consider increasing your offer by $1,000, $3,000, $7,000, $9,000, or even $11,000—all odd numbers that don’t come to us as natural increments.
Still not convinced? Well, think about the impact on your monthly payment: If your offer price for a $200,000 listing is $209,000 but you have to raise again, jumping to $211,000 will only add $10 more to your monthly payment. Why doom yourself to bigger leaps of 5s and 10s?
If you have questions about this or any other real estate-related tips, call me directly or shoot me an email. We’re always glad to have a more in-depth chat with you about these topics!