During the last real estate market, a seller invited us to discuss the sale of his home.
We recommended an asking price of $700,000. (Click here to learn why we didn’t suggest $699,900).
The seller decided to list with another agent for $850,000. We were confident that our recommendation was accurate - we took a deep dive into comparables to be sure the seller priced right.
The seller’s house sat on the market for months without selling.
An agent in our office represented a buyer who offered $700,000 (no conditions). The seller refused the offer. (Note, the buyer’s proposed purchase price of $700,000 confirmed our initial pricing recommendation).
Fast forward to months later when the seller’s home sold for $625,000 - yes, $75,000 LESS than our client’s offer.
Many sellers believe if they price their property high initially, they can lower it later.
Often, when a property is priced too high, it experiences little activity. Gradually, the price will come down to market value, but by that time it’s been for sale too long and some buyers will be wary and reject the property.
On occasion, the price is dropped below market value because the seller runs out of time. The property sells for less than it’s worth.
At Erie’s Edge Real Estate, we’re happy to compete for your business but we will NOT bid for it. If we did, it can end up costing you tens of thousands of dollars or more.
(519) 586-7922
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