Lower my price? Are you mad?

Saw a couple of houses on the open house tour today that will never attract offers, in my opinion. One seller, according to the listing agent, had rejected her pricing advice and insisted that buyers would realize how unique and special his run-down little cottage is. Fat chance.

The other seller – again, according to the agent – is content to sit on his property, floors sagging like a sway-backed mare’s, highway noise rushing in, until the market meets his price. That’s fine, and good luck to him, but why is he wasting our time? Call me when you get serious or, if the market ever does reach your price, I’ll call you – I’m confident the property will still be available.

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  1. Anonymous

    Rest assured, I’ll be the one fooled into a bidding war with either.
    By the way, is the I95 a real no,no? Would I be really crazy to buy something near it?

  2. Chris Fountain

    I-95 isn’t a deal killer but here’s what happens with houses near noisy distractions like highways – the buyers get them for a big discount – maybe 30% less or even more from what a similar house without the objection might fetch. Then the happy buyer gets used to the noise and, 5 years later wants to price his house as though the road isn’t there. Trouble is, while i>he's gotten used to it, potential buyers have not. They get out of their car, hear the roar of traffic and get right back in and drive off. That’s a problem.
    I lost a client recently in part because I told him that he couldn’t get what he wanted for his house. After he pointed out his nice back yard I observed that, with I-95 next door, no one would want to sit in that backyard. “But you can’t hear anything inside”, he explained, as though that made up for the loss of the outdoor areas.
    So yes, it isn’t insane to buy property near such a detraction (in order, worst to least, I’d rank I-95 worst, then the Merritt, the Post Road or a busy street like King, and finally, the RR – I have no data to support these rankings, so be careful) but if you do, be sure to demand a very large discount and remember that discount when you go to resell it later on.