Quote:
Originally Posted by mrkajz44
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.
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That's what I think happened here. I asked a friend who's dad's a realtor. He said this is the 2nd owner selling, and the house was bought about 5 years when it was listed at $709K back then. So they must have thought the market was good to list it so much above that price. Now they're paying the price of having listed too high, and them dropping the price back down to original cost, and people wondering why the house was on the market for so long, and if there's something wrong with it.