Serial, minor price reductions - huh? (agents, brokers, sellers, house)
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I've been following Utah and Salt Lake City MLS listings for the last year with intent to relocate there in the near future. It seems to be a very common local practice to reduce the price every month, or even every couple weeks, and often by tiny increments.
Sometimes these are "real" price reductions, say $50k, indicating that the house was way overpriced. Example: a house originally listed at $465K ends up at $415k 4 months later after a series of $6150 price reduction every couple weeks. But in a great many cases the reductions are as little as $100. Yes, one hundred dollars. Such pricing histories are not unusual at all.
What are these sellers &/or brokers smoking? It's obviously a deliberate strategy. Stuff like this is completely unknown where I am.