Someone who’s interested in this house ” and isn’t afraid it will sell first ” might plausibly sit tight a few more weeks (days??), and see how much lower the Seller will go.

City Lakes Real Estate Blog (June 9, 2012)

In a post last week, I noted the aggressive pattern of price reductions (below) on a Highland Park listing, and speculated that more were coming.

Was I right?

May 4:  listed at $699,900
May 10:  reduced to $674,900
May 15:  reduced to $649,900
May 18:  reduced to $624,900
May 21:  reduced to $599,900
May 29:  reduced to $574,900
June 1: reduced to $564,900
June 4:  reduced to $549,900
June 6:  reduced to $524,900
June 14:  reduced to $500,000

As it turns out, one more reduction (yesterday) did the trick; the home is now sold, subject to third-party approval (it’s a short sale).

If it’s a typical short sale, it will be another 3-6 months from here to find out:  a) if the home in fact sold; and b) what the actual sales price was (when the lender(s) reject a short sale, the home proceeds to foreclosure).

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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