It’s not your agent, it’s your price

A condominium at 351 Pemberwick Road sold yesterday for $735,000, 85% of its original asking price of $865,000. But the owner held onto the unit from August, 2006 until yesterday, changing agents three times and her price no more frequently. There’s really no need to go through this agony. And for those sellers who resist lowering their price out of the belief that “I’ll let someone make me an offer- I won’t bid against myself”, here’s a nice little object lesson in how a relatively small over-pricing kept bidders away for more than two years. When this unit finally dropped to $743,000, it found a buyer almost immediately. Couldn’t someone have offered 85% of the asking price way back then? Sure, but they didn’t.

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One response to “It’s not your agent, it’s your price

  1. Ach

    I know that when I was (am?) looking for a house, I don’t see the house until it drops below $X on mris (in my case $300k). So if someone is selling for $300,001, I won’t see the listing at all, much less make an offer.

    Maybe everyone who is actively looking has their settings at $750k, and so they don’t even see it until $743? It makes sense in my situation – only first time home buyers, investors, and people who absolutely MUST move are actively looking (need citation), and we first time home buyers are very money bound. Just a thought. Its probably a completely different world when it comes to these high priced neighborhoods…