“We Can Always Drop the Price, Right?” Yes, But . . .
Wait a second! Don’t leftovers come after Thanksgiving?
Not when it comes to the housing market.
In my own neighborhood close to Minneapolis’ Cedar Lake, I’m aware of at least half a dozen very nice homes which came on the market as far back as last Spring, but are still for sale now.
Metro-wide, you’d extrapolate that such homes number (at least) in the hundreds.
The homes’ biggest (if not singular) flaw?
A too-high initial asking price, now exacerbated by LOTS of market time.
Thanksgiving Bargains
As veteran agents like myself routinely advise clients, a too-aggressive starting list price is apt to ultimately net Sellers less ” not more ” than a more realistic one, with an attendant increase in market time (not to mention inconvenience and hassle).
That’s assuming the home sells at all: something like one-third of all MLS listings expire or cancel.
See also: “Perils of Overpricing Even (Especially) in a Rising Market”; “Perils of Overpricing“; “Nurse! I Need a Price Reduction, Stat!”
P.S.: Note to prospective, year-end home buyers: the best bargains this time of year aren’t at Target or Best Buy, but on MLS!
