Quote:
Originally Posted by The Yen Man
I still think it has to be competitively priced though. A house on my cul-de-sac (2400 sqft + developed basement, walkout basement, backs onto green space) has been on the market for 5+ months. Original asking price was $779K, then dropped to $729K, and now is at $699K, and it's still unsold.
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Non-realtor opinion here, but the only real reason for houses that sit on the market like that is they are overpriced. I think the biggest mistake you can make when listing your house is to have it overpriced. It leads to the house staying on the market too long, which has the effect of driving down the price, maybe even lower than it's true FMV if it was priced correctly in the first place. Listing at a good price also helps with negotiations - when you get low balled from the "expert negotiator", it's very easy to hold firm and say the listing price is appropriate and you are not going to move. Avoids all that dumb back and forth.