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I came across a listing for a 15-acre wooded lot. It's been on the market for several months. The seller had originally asked for $55,000, but recently upped it to $95,000. I'm used to seeing property start out high, then reduce in price, not the other way around. Anyone have a clue as to why a seller would do this?
I came across a listing for a 15-acre wooded lot.
The seller had originally asked for $55,000, but recently upped it to $95,000.
Anyone have a clue as to why a seller would do this?
They realized how many hardwoods were really on the land.
The county recently announced some road or other work nearby.
The seller has a new agent.
It's spring.
Trying for the next filter up, instead of down? Found out the payoff was higher than originally thought? Maybe they paid for a perc or had had a study done and want to recoup their fees? Who knows, 101 reasons could be there. But if got your attention. I would interpret as the seller is not in a hurry to sell.
LOL, one of the houses we've looked at did the same thing. It was for sale 180 days at $399K then they relisted it at $410. Interesting strategy, but 2 months later it's still on the market. I'm following it with great interest to see if it ends up working.
FWIW, that's how they sometimes sold swampland in Florida back in the 1920s. If people didn't buy at a low price, they'd up the price on the assumption that it would look like a hot deal. Worked back then (or so they say), so who knows maybe it might work again.
I would hope it means something has been done to make the property more desirable. With land that could be rezoning, bringing utilities to the property, perk testing, drilling a well, or something else. With houses I generally see some updating in the pictures, new hardwood, new counters, or removing of wallpaper. Though sometimes, it is nothing and they just raised the price.
Perhaps they think the market is on an upswing and they can sell it for more -- or that when the market starts moving, someone may make a 'lowball' offer higher than their original price.
However, I don't know if it is an effective way to get a higher sale price, closed. Maybe if the seller waits years in an area with dwindling inventory.
They probably were recently told that it is worth more than they originally thought. Plus it is spring and more land/homes sell in the spring than any other time of year.
I came across a listing for a 15-acre wooded lot. It's been on the market for several months. The seller had originally asked for $55,000, but recently upped it to $95,000. I'm used to seeing property start out high, then reduce in price, not the other way around. Anyone have a clue as to why a seller would do this?
I'd say they're speculating - guessing and hoping.
They probably don't need to sell it, and decided to up the ante.
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