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Want More Money For Your House? Lower Your Price.
Why over priced listings don't sell and under price listings sell for more
Every so often, I have a listing celebrate an anniversary. I hate anniversaries. No broker wants to have a listing that doesn't sell for a year. Every year-old listing has a story of old offers they regret not accepting and a journey of chasing the market. Recently, I had a year-old client dismiss my recommendation of a price reduction with the words "you just want to make a sale." Well, duh. That's what you hired me for, isn't it? The rub here, is that the house has an offer on it, but he doesn't like the offer! On a $450,000 listing, we have an offer of $400,000. I suggested that we reduce to $425,000 in the hopes of getting a more reasonable buyer who might be willing to pay $425,000. He rejected the idea with the above-referenced glibness. This isn't the first time this has happened. Last year, I sold a $575,000 listing for $528,000 because reducing to $550,000, even with two offers on the table of below $525,000 at that time was an anathema. Here's what these people don't understand:  Overpriced listings, if they get offers at all, ... more

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