Reduced, But Not Stupid or Desperate...

Hi Mirela;

Very good question. I would price it at $350,000 for a quick sale.

Mirella -

My thought is simple - any property, in any market, will sell if the price is right.  It just might get ugly.

Stage it well - make sure it is pristine.

Then, price to start at $369M.  Reduce in brackets every two weeks until you get multiple offers.  First, $349M, then $329M, $309M, $299M.

The key is to do this systematically, and quickly - before damaging market time begins to increment.

I'm not a big fan of "incentives."  Price is the key!

My thoughts anyway, and how I have had success in this market.

But, most likely, it won't be a joyous closing.

DEAN & DEAN'S TEAM CHICAGO

Considering their need to sell it I would inform them to price below that estimated 370K and move it.  What is else do they have for an option.  The home can be in prime condition and I am sure it is but it wont move if the comparables are well below them. 

Mirela, if they want to beat the absorption rate typical for the area then it has to be priced below market. The further down, the faster it would sell. No one has a crystal ball and can AUTOMATICALLY guarantee a sale in 60 days.

A very tough question.    Even with price reductions, in my secondary home marketplace, where the buyer is in charge of the "where" and the "when", there's no guarantee that a price point will deliver action.   We seem to be in uncharted waters, here.    The 21st century model??   No roadmaps???

Ok Mirela, where is the property and Ill tell ya what I think it should be listed for!  One piece of advice...I would be cautious in this situation...if you gotta make it gone in 60 days and comps are 380, then it needs to be like 339,00 to really stand out!

but, even at that price, it could be hard...especially if it is a condotel..cuz as you know, ya almost have to have cash to buy them!

Dean nailed it at $369,900.  It will take you under the 370 mark on the searches.  But, it has to show better then the comps that are active.  So staging might have to be a consideration.  Question is will the seller have to bring cash to the table and if so can they?

Mirela - It looks like you received some good advice here.  Let us know how it turns out!  :)

Mirela - don't overlook Dean's advice to stage it well.  No matter what the listing price, it's about the perceived value in the buyer's mind (it influences the appraisers, too).  Staging will always make it stand out from the comps.  I would add to make sure the photos on the MLS are perfect.  Buyers are shopping on the internet.