Real Estate Term of the Day (that I made up): The Magic Price
Definition: The perfect price on a house that allows it to outshine all of its competition. Once a house hits this price, all of the complaints potential buyers have made at higher price points suddenly vanish and it becomes the holy grail of homes. Agents will fight each other to get their offer in your hand. Buyers will waive appraisals. It’s like the sweet spot on a baseball bat; the type of pitch doesn’t matter, you know if the ball hits that spot, it’s going to be a home run.
Example: Dude, I just dropped the price on my Power Ranch listing $5K and we got 7 showings and 3 offers in two days… must’ve hit The Magic Price.
Can alternately be used as a verb: I just Magic-Priced that South Scottsdale house. It’ll go this weekend, I just know it.
Last week I hit The Magic Price on two of my listings. With listing #1, this produced a flurry of showings, then second showings, much talk of offers and then finally a contract! With listing #2, again it was raining buyers and phone calls and I got not one, but TWO contracts in the last 24 hours.
Consequently, things have been nutty around here. Twice this weekend my husband said, ‘Make it stop, please!’ to me about the constantly ringing phone. In our hilly North East Mesa neighborhood cell service is spotty at best, so I often give out our landline number to agents I’m working with when I know I’m going to be around the house for a few hours. This resulted in a veritable symphony of rings from my cell, the house phone, and the occasional beeping of a new text message received. To me it’s the sound of The Magic Price doing its job.