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I also have to question why our realtor would be so passive about making suggestions on our price. If I can look at the numbers and see the "truth" so clearly, why hasn't she been suggesting that we lower the price? She's so nice, it may be a case of her being TOO nice and not wanting to offend. Who knows.
"There are none so blind as those who will not see." I suspect that she probably DID mention pricing a few times as a possible strategy, but was shot down so quickly that she shrugged to herself and said, "OK, we'll see." It costs her nothing except a little time and attention to let it sit for a while. There's a big investment up front in tme and money getting a listing ready for the market: photography, flyers, pushing out to internet, advertising. And MOST listings eventually come around and see that they are overpriced -- either through honest error in midjudging the market, an emotional attachment that infltes the value of the property in the seller's head, a change in the market (supply/demand), etc. And eventually they will acquiesce to a price reduction -- IF they are serious about wanting to sell.
When they take a pigeon to the cleaners, that will always show up on MLS.
When the buyer wrangles a deal that might ruffle the new build comps? Not so much.
True that. Back during the boom here, a certain developer was giving "decorating credits" of up to $75,000. Kept his sold prices steady even while the market was declining. Agents don't always spell out or mention concessions when they close a listing. If the sales price looks too good to be true, there may be an undisclosed wrinkle.
True that. Back during the boom here, a certain developer was giving "decorating credits" of up to $75,000. Kept his sold prices steady even while the market was declining. Agents don't always spell out or mention concessions when they close a listing. If the sales price looks too good to be true, there may be an undisclosed wrinkle.
We were looking at a model house a couple of weekends ago & the onsite agent told us that 1 of the inventory homes in the neighborhood had a $30,000 "incentive" on it to use for upgrades, fencing, etc and that incentive amount was VERY negotiable. I asked if they would just come off the price $30k and she said "no, the builder doesn't want to hurt comps for the people who have already bought in here."
So, she came right out & said it! Lol. At least she was honest. In other words, the people who've already bought in there overpaid.
Our realtor says that things start to pick up here right after the Superbowl, so we're looking at adjusting the price then. We did a small price adjustment on 1/10, so we might wait until 2/10. maybe if we're lucky we will get an offer before then
Oh, I have no doubt! I realize that you guys have a tough job trying to navigate personalities & such. It's got to be a fine line to balance on between doing what you know is in a seller's best interest, and not ticking them off and losing a listing.
And some people are so delusional, I feel sorry for their agents. I was looking at listings yesterday and I saw one in Millstone priced at $480k....that's $150/sq ft for that house! You can get a MUCH larger new build for the same price in there! What are they smoking????? It would be the equivalent of us asking $269,900 for our house.
She has that one 500 sft bigger than it actually is as well....it was a FSBO a while back and they wanted about $30k less. They paid $392k. Probably trying to make the ppf look better but at some point she's going to have to explain how it grew 500 sft in 2 years. Crazy stuff.
I disagree about the Superbowl stuff, no one around here seems to care and I've never noticed such a heightened increase in that game that it kept buyers on the fence until it was over. January weather is another story...but this year has been rather mild and the market has been extremely active, more so than I can ever remember.
You priced too high to start, and $10k is a pretty significant price drop...but really you have just gotten price to where you NEEDED to be to start. I wouldn't jump the gun just yet to make another price drop....your house shows extremely well and looks incredibly maintained, plus you have the coveted 3 car that is very hard to find in that price range. I don't think you are at a point where you look overpriced and a reduction so soon after the last one can make you look desperate and begs for a lowball offer.....but that is just my opinion having seen your house and the area being my primary market...and years of working with buyers in it.
She has that one 500 sft bigger than it actually is as well....it was a FSBO a while back and they wanted about $30k less. They paid $392k. Probably trying to make the ppf look better but at some point she's going to have to explain how it grew 500 sft in 2 years. Crazy stuff.
I disagree about the Superbowl stuff, no one around here seems to care and I've never noticed such a heightened increase in that game that it kept buyers on the fence until it was over. January weather is another story...but this year has been rather mild and the market has been extremely active, more so than I can ever remember.
You priced too high to start, and $10k is a pretty significant price drop...but really you have just gotten price to where you NEEDED to be to start. I wouldn't jump the gun just yet to make another price drop....your house shows extremely well and looks incredibly maintained, plus you have the coveted 3 car that is very hard to find in that price range. I don't think you are at a point where you look overpriced and a reduction so soon after the last one can make you look desperate and begs for a lowball offer.....but that is just my opinion having seen your house and the area being my primary market...and years of working with buyers in it.
Thanks for the kind words
I think the Suoerbowl timing is more a function of the weather improving around that timeframe than it is a commentary on interest in the game. Probably just a coincidence. And yes, we decided to wait until we've been at current price for at least 1 month before considering another drop. Leena agreed for the same reasons you mentioned.
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You read open houses are not very effective..
