The Brits and their former colonies, except us, advertise their houses as “inviting offers between ….. and ……”. These days, when no one seems to know what a realistic asking price is, perhaps we in Greenwich might adopt that approach. I stopped by that new construction of Byfield the other day to see if the listing agent could explain how its price dropped from $9 million to $5.1 million and back up to $5.9 million. He basically shrugged and said, “who knows what it’s worth?” I refrained from giving him my guess but he has a point. An ad that said, “entertaining offers from $4,750,000 to $5,350,000″ (just to pluck some numbers from the air) might not elicit any offers, but it would send a strong signal that the seller was willing to negotiate, provide some sort of floor defining what, at the present time, a seller considered a low ball offer too low to consider, and would spare him the embarrassment of looking as foolish as he does when he’s yo-yoing the price up and down.
Just a thought.