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Old 09-06-2019, 03:42 PM
 
Location: Stuck on the East Coast, hoping to head West
3,803 posts, read 9,347,139 times
Reputation: 7384

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Long story: I think my house was overpriced to begin with because I haven't had an offer. Days on market is 50. Average is currently 57 in my neighborhood. Original list price $365,000. Just reduced to $358,000 a few days ago and I want to bring it down to $349,900.

My listing agent dropped the price by a fraction a few days ago and then wants to do another reduction in 2 weeks if we don't get an offer. His reasoning is that if we do too big a drop at once, people may think there's something wrong with the house. I think the mistake has already been made b/c we listed too high and didn't do a reduction soon enough and missed the summer market.

He has notified everyone who already saw the house that the price has been adjusted.

I've had about 10 showings--4 were actually over Labor Day weekend before the price reduction. Generally, feedback has been positive. However, no offers. I'm not getting specifics on why buyers don't want the house so I assume it is price-related. One buyer did say they wanted a laundry room (I don't have one) and another wanted open concept (I don't have that, either).

Should I lower price once again in 2 weeks? It would only be for 2 weeks at that price b/c my contract ends with this listing agent at the end of this month and there is no way I'm renewing it.

Or should I delist my house and list again in the spring with a new agent? I'd list under market at the beginning to get the house sold and move on with my life.

What would you do?
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Old 09-06-2019, 04:22 PM
 
5,798 posts, read 1,467,706 times
Reputation: 4509
Roughly where are you located? So it gets cold there, I assume? I think price drops too quickly scare off buyers or give them incentive to lowball you. You haven't been on the market that long in relation to the average DOM there. I guess it kind of depends on how badly you want to sell it. You are really in the driver's seat to a certain extent.
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Old Yesterday, 08:32 PM
 
11 posts, read 7,021 times
Reputation: 19
You got greedy and the market saw that. I would ignore your realtors advice since he/she doesn’t know the market (or maybe it was your greed) and drop it if you want to sell it or need to sell it.

I always “LOL” when I see houses that are way over priced being reduced 4-7 times until they are in market price.
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Old Today, 07:52 AM
 
Location: Stuck on the East Coast, hoping to head West
3,803 posts, read 9,347,139 times
Reputation: 7384
Quote:
Originally Posted by Vana360 View Post
You got greedy and the market saw that. I would ignore your realtors advice since he/she doesn’t know the market (or maybe it was your greed) and drop it if you want to sell it or need to sell it.

I always “LOL” when I see houses that are way over priced being reduced 4-7 times until they are in market price.
Thanks for your perspective. This is exactly why I'm not going to drop it again.

Worse case scenario, I'll just keep the house and rent it out. Or leave it to family.
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Old Today, 07:57 AM
 
Location: Stuck on the East Coast, hoping to head West
3,803 posts, read 9,347,139 times
Reputation: 7384
Quote:
Originally Posted by Grlzrl View Post
Roughly where are you located? So it gets cold there, I assume? I think price drops too quickly scare off buyers or give them incentive to lowball you. You haven't been on the market that long in relation to the average DOM there. I guess it kind of depends on how badly you want to sell it. You are really in the driver's seat to a certain extent.
Thanks for your response. I'm on the East Coast. I'm not doing any more price drops.
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