In my Blog of April 22nd I wrote about the listing that I did not get because of the price. Well as I said I decided to watch and see what happens. 4 days after my visit with the client the house got listed for just over $300,000. I think they left a bit of room for negotiating so that the seller can get his $300,000 that he has in mind. This was not surprising as the seller was adamant during my visit that his house was worth over $300,000.
I was shocked however to see the price has dropped to $285,000 when I checked the listing yesterday. I would love to know how this happened. Did the seller's circumstances change in the last 3 weeks or did the lack of showings at the unrealistic price convinced the seller and the agent that the price needs to come down?
I will be keeping an eye on this one to see what happens.
In a market when there are a lot of homes on the market and there is a scarcity of buyers you have to be very realistic on your pricing if you want any chance of the home selling. As Realtors we are all guilty of being off the target with our pricing from time to time but the market always tells us very quickly by its lack of response.