What's Your "Mad" price?

As I’m sure many of you are painfully aware, the current real estate market can be super messy at times. It seems to be great for Sellers not worried about where they are going because they’ll be moving in with family, combining households or maybe they are helping senior parents transfer to retirement living. On the flip side, many Buyers are overwhelmed by the amount of competition and pricing expectations in a very unbalanced Seller’s market.

We work with both Buyers and Sellers so we definitely understand each side of the coin and hit the highs and lows alongside our clients.

The question we get asked by our Buyers most frequently is, “What should I offer?”, which is a great question! And also the most difficult one to answer…

My response, “What is your mad price?”.

In other words, we talk data and strategy about conditions, deposit and closing, but in the end it comes down to the number you have one shot to give. So what is the number at which you say “Ugh I’m so mad, I would have paid that!” vs “Well, that’s ok, I wouldn’t have paid that much anyway”. That’s your number and you need to be honest with us about that or we can’t help. It literally happened to me the other day with a wonderful potential Buyer. We didn’t win but they did come up in price from their original offer. When given the opportunity to come up again, they declined because they were at their max. After I told them what it sold for and that it was over their “mad price”, no regrets about the process.

In the end, of course there will be disappointment. But underneath that will be “Well, I gave it my best shot”, no regrets.