A TALE OF TWO HOMES -Recently an agent in my office related a personal home selling experience of her own. Earlier this summer, this Realtor had her own home to sell in the Southwest Phoenix valley. It turns out that a neighbor with the same model home a few doors down the street was also selling.
The Realtor determined the market price for her home to be $324,000. She listing her home at $319,000 and sold it in 34 days for $309,000.
Her neighbor initially listed her home for $332,000. It stayed on the market month after month as she stair-stepped the price down in $5,000-$8,000 increments.
The neighbor's house finally sold for $287,000 after over 200 days on the market.
What is the lesson here?
Trying to follow the market down in small increments will NOT attact the buyer traffic you need to sell a home. Making the home a "good deal" price wise (hopefully at the outset of the listing) will attract what buyers there are and get you into meaningful negotiations resulting in a much quicker sale.
I have seen this happen time and again with my own listings in this market. Using this approach will get you more money for your home faster than the stair-step approach to pricing.
Richard
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Thanks for joining in the discussion.
Richard