... from REALTOR Magazine.
In the June 2008 issue, on page 42, there is the following statement.
Tip 3: Build in a preset price reduction. While all our practitioners agreed that arriving at the right price the first time is the goal, sometimes you have to be a little more flexible, especially if you are in a marketwhere prices are in decline.
It goes on to name an agent and deliver a quote.
But here is the thing... in a decling market, getting the price right the first time is imperative. If we wait 30 days or 60 days, not only have they lost value because the market is down from when the listing started, but it has already be rejected by most of the buyers.
I would go on to say that it may be a breach of fiduciary duty to take a listing with the knowledge that it is over-priced for the market. It obviously isn't dealing honestly with the seller to know that their home won't sell... and not be willing to market it until it is priced to sell.
And just so that I can deliver an accurate picture of the market, in Gwinnett County, GA last month (April), 5 times as many homes were newly listed as sold. Bringing listings into the market that are over-priced doesn't help anyone.