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Originally, my sister listed her home for $129K. She asked the realtor to lower it to $119K since she had no showings in 4 months. The realtor lowered it to $119K. A couple days later, the listing showed $109K. My sister didn't realize it until 5 days later. She had a showing 2 days ago which I'm assuming they were under the impression that the house was $109K. Anyhow, she called the realtor to let him know what happened. He said he got an email to lower it to $109K but can't find the email now. He changed it back to $119K but what does that look like to buyers bouncing around with the price like that? Also, what other suggestions would you have about the price?
How is her market overall? Many places across the market are recovering, and correctly priced listings are selling quickly.
But regardless of her current market, I would say that with no showings for 4 months, her price was definitely too high. Since she only got 1 showing at $109k, that wasn't too low. If it was too low, she would have had 10 showings that day, and several of them would have made an offer. So $109k is probably in the ballpark of where the price needs to be for her market.
She should ask her agent to do another CMA (Comaparative Market Anaysis) and together they should arrive at a reasonable asking price. Even if the buyer were to give her an offer at the incorrect asking price, she would not have to sell it so, other than the mistake, there is probably no damage done. I agree with Lacerta that the incorrect list price was probably not absurdly low because there would have been at least a few buyers wanting to see it. Either way, it's been on the market long enough that it is time to do a new CMA.
The agent probably made a mistake when changing the list price. Either way, the price seems too high and if your seller got an offer at $109k with a list price of $109k, she would not be obligated to take it.
Well, I will pass this on to her. I was thinking just to leave it at $109K as well. At least she finally got a showing and I imagine the reason being was because it was priced right.
She had a heck of a time finding this realtor. She would change but doesn't want to go through that again. Apparently where she lives, the realtors don't get back to you soon, are late or don't show at all. I just don't get it and homes don't sell too quickly there.
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My sister didn't realize it until 5 days later. She had a showing 2 days ago which I'm assuming they were under the impression that the house was $109K. Anyhow, she called the realtor to let him know what happened. He said he got an email to lower it to $109K but can't find the email now. He changed it back to $119K but what does that look like to buyers bouncing around with the price like that? Also, what other suggestions would you have about the price?
I just don't get it and homes don't sell too quickly there.
