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The Price is... Wrong?

The Price is... Wrong?
If your listing isn't selling and the days-on-market numbers are ticking upward, you need to look beyond your CMA to find out the cause. While most agents rely strongly on their CMA, it often doesn't give a big picture account of what is currently happening in the market.
Recently I had two clients ask me my opinion on why their listings weren't selling. Further investigation in both cases made the reason why crystal clear.
Example #1: The Fabulous Home
The first property was a fabulous well-cared-for home in a neighborhood where everything had recently sold for over $500,000. My client was very concerned when her listing which she had just reduced to $499,000 wasn't getting any showings or offers. She couldn't understand why this sharply priced home wasn't selling when there had been a historic trend of houses similar to hers selling above $500,000. She didn't know how to explain this to her seller who already thought her home was better than many of the homes that had sold over $500,000.
When I reviewed the data in the area, I noticed most of the new inventory coming on the market was new construction nearby. ... more

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