Yes, activity on your home has picked up….

by jmaranto

But one of the buyers that came to see your home bought the home two doors down. This recently happened to some sellers that I know, I am sad to say.

Here is the background – These sellers thought it would be a good idea to price the home higher than what their realtor recommended because they thought their home was WORTH it. After the first open house, where no one came, they were implored to reduce the price to within market tolerances.  After the second open house (the following week), same result and same conversation. No dice – they were not going to reduce because their hopes were buoyed by some recently made appointments and they wanted to see if an offer would come in.

After a month of no offers, they finally reduced their price further.  However, during the same time, another home in their neighborhood came on the market and was priced $10,000 below their new price.  Showings on their home picked up. However, it was not because of the price reduction. Rather, it was because interested buyers wanted to compare their home with the new more inexpensive home. And wouldn’t you know it, the home that was priced correctly was under contract in 5 days and their was home was used to help the buyers make their decision on making an offer on the other home.

Published on 2015-07-18 07:33:31