First, two caveats: 1) the home that goes with the rather brutal chart (above) — spanning over 2 years of market time — wasn’t my listing (I prepared it as part of my listing presentation for a home down the street); 2) it’s from a couple years ago.
That said, I’m sure I could find some homes currently on the market that fit this profile.
Moral(s) of the story?
1. Overpriced homes sit; and
2. Once they’ve been sitting long enough, they typically have to overshoot fair market value to re-attract skeptical Buyers.
Those principles apply in almost any market.
See also, “Nurse! I Need a Price Reduction, Stat!!”
*In fact, this particular home really sustained six price reductions.
That’s because it ultimately sold for a substantial discount (15%) from its last asking price.