Pricing Strategies: High Price, Will Negotiate
In real estate there are three things that sell a house: price, condition and location. We all know that Washington DC is a desirable area, but if the home is not worth the asking price, well read on this blog by Patricia Kennedy says it very well!
There is a house in a popular DC neighborhood that isn't bad, but it's a little quirky. It has a wonderful street presence, but once inside, it's a little bit dated and has an unusual room arrangement.
Now, this home has a very optimistic list price of over $4 million. And if the interior met the expectations set by the exterior, it might have been sold by now. But after over a year on the market, it's still unsold.
Tonight, I noticed the comments on our MLS: "Motivated seller. Seller prefers to negotiate sales price with serious buyer; agents bring any offers. Seller won't be offended."
But wouldn't it be better to adjust the price? Oh, wait! They did. There has been one price reduction of $5,000.
A lot of agents think it must be the coolest thing in the world to have a $4.something million dollar listing. And it is the coolest thing if it's a $4.something dollar house!
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