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Old 02-11-2009, 09:41 PM
 
Location: North Burb Chicago
494 posts, read 3,751,265 times
Reputation: 469

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Can someone here in the know explain why a seller would raise their price on their home if they couldn't sell it a lower price?

I've seen the house listed at $435K, $550K, $508K, $455K, and $485K.

Owner tried FSBO at $435K and house didn't move.
Realtor took over and price went up to $550K then back down to $508K.
Owner tried again with FSBO at $455K and then upped the price to $485K.

House has been on the market for about 2 years and to my knowledge no upgrades that would cause the price to go up.
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Old 02-11-2009, 09:46 PM
 
20,185 posts, read 22,724,107 times
Reputation: 9269
Cause a lot of people rely on "A sucker is born every minute."... It seemed to work quite well during the housing bubble...
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Old 02-11-2009, 09:51 PM
 
Location: Houston
529 posts, read 1,253,060 times
Reputation: 374
^ and it would still work but thank God those suckers are not getting their loans approved.
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Old 02-11-2009, 09:55 PM
 
Location: Central FL
1,683 posts, read 7,956,621 times
Reputation: 849
A house in our neighborhood had been on the market as a short sale for $219,000 for months. The For Sale sign disappeared a couple of weeks ago....now it is back on the market for $350,000!!!! Go Figure??!?!
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Old 02-12-2009, 12:43 PM
 
575 posts, read 1,711,824 times
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My opinion only of course, but if it's been on the market for 2 yrs. they aren't serious about selling to begin with.

That said, we once had a realtor suggest we raise our price (of course she also suggested we do a few upgrades to justify the higher price) Her reasoning was perhaps we could tap into a buyer pool who had not seen our house yet because they had been looking at a higher price point.

Maybe when these folks raised their price they were hoping they'd snag a buyer in the $500,000 & up range. After all, those folks have more money than they know what to do with, unlike all the bargain hunters looking at properties priced under $500,000... right?


Short sale prices are a whole different deal. The most recent stats in my area are that less than 5% of homes offered as short sales are ending up as bank approved transactions. They can choose any price they want, it seems to be pretty meaningless anyway.
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Old 02-12-2009, 01:34 PM
 
28,460 posts, read 80,887,210 times
Reputation: 18660
Well, riffing on the OP's user name, sometimes sellers (and agents) play the "this is not the house you were pricing" -- i.e. Jedi mind trick.
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