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Old 10-18-2014, 09:53 AM
 
135 posts, read 164,552 times
Reputation: 217

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I agree the small drops are annoying and don't create additional interest. If for example a person is approved for a 200K mortgage, they will still look at homes priced up to 210 figuring they can negotiate down. Therefore, dropping from 210 to 209 isn't going to bring in more buyers. You would have to drop about 5% in order to hit a new pool of buyers. In this case would lower the price from 210 to 199. Now you not only have interest from the buyers who were looking to negotiate the lower price but also those who refused to look at anything over 200.
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Old 10-18-2014, 05:02 PM
 
Location: Sector 001
15,932 posts, read 12,194,660 times
Reputation: 16097
If Im really interested in a house Ill lowball to my desired price... depends on how quick you want to move. Im in no hurry to buy and have been looking on and off for more than a year... made one offer in that time but lost to someone else that same day. That one was priced competitively from the start however...

Someone around here kept dropping the price $500 every week or two all year until September when they stopped dropping the price and its still for sale.
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Old 10-18-2014, 06:22 PM
 
Location: City Data Land
17,156 posts, read 12,870,942 times
Reputation: 33164
Quote:
Originally Posted by Blondy View Post
Forget the house down the street.

Get the sold comps and figure out what your house will sell for based on what has recently sold that is comparable to your house. Add or subtract for extras you have or don't have.

Drop the price to that amount in time for the November rush.
This. It doesn't matter what other homes are doing. The appraisal is very important. That is what you should base your home pricing on. I agree with the others that teeny tiny price drops don't do much for you. It either makes you look like a tightwad, or like you're not really motivated to sell. Do a larger price drop, or none at all. Also, the longer a home stays on the market, the worse it looks for potential buyers. It is to your advantage to get a contract on it sooner rather than later.
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Old 10-18-2014, 09:21 PM
 
Location: Salem, OR
15,507 posts, read 40,220,478 times
Reputation: 17378
Quote:
Originally Posted by scgali View Post
Thank you for the reply's! My agent said he wanted the listing to be bumped up or to show up often as an update with a new price on the MLS. I don't think we are going to do the small drops though.
This is an old school technique to keep a listing in front of real estate agents...back when agents were the dominant force in finding homes for clients.

I don't think your agent realizes that many people sign up for alerts for specific homes and such on home search sites. I think most would find it weird to get an email twice a week with a $1,000 price drop.
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Old 10-18-2014, 11:19 PM
 
2,737 posts, read 5,432,896 times
Reputation: 2305
If this strategy worked, lots of agents & sellers would use it. I keep a close watch on listings in my part of my metro area and almost never see anything like this.
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Old 10-19-2014, 08:55 AM
 
Location: Southern California
4,453 posts, read 6,768,062 times
Reputation: 2233
You made a 2% drop but call a $1,000 drop small. Are these homes over $400,000? Are you going to make up the lost 1% every two month it cost you to hold the house vacant? Come November, don't you think a lot of other people will list too when the snowbirds fly in? If sales trends historically show more and higher sales then it might be better to wait if you can afford it.
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Old 10-19-2014, 10:42 AM
 
687 posts, read 910,542 times
Reputation: 2243
It's not 2005 anymore dood.

If you want to sell then you have to price it correctly, and even then there's no guarantee large numbers of people are interested.
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Old 10-19-2014, 12:18 PM
 
Location: Pluto's Home Town
9,982 posts, read 13,708,414 times
Reputation: 5689
I can just speak for myself, but a series of $1,000 drops suggest someone who is not serious about selling. It seems like $5-20k drops signal someone who want to get the job done.
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