This might do it

37 Irvine

This Old Greenwich house has been on for three years (!). It started at $2.795 and today, finally, it’s been dropped to $2.295. It’s been so long since I’ve seen this one that I can’t remember whether its new price is appropriate but it least it now falls into the price range of certain clients of mine and it’s probably worth showing.

Sellers might think that a mere $500,000 shouldn’t discourage bids but in fact buyers quickly grow tired of hearing how “insulted” sellers are when they receive a realistic offer so the buyers back off and will only come back when the seller sends some signal that he’s getting serious.

As I said, I have no idea whether this is now a good price, but the seller is heading in the right direction.

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4 responses to “This might do it

  1. For every house where the seller finally accepts the reality of the market and drops the price into a range where a sale is possible, roughly how many new houses come onto the market at wildly optimistic prices? In other words, is the inventory of substantially overpriced houses shrinking, growing or stable?

  2. Slightly smaller but much nicer house a bit further down Irvine will be coming on the market in the next week or so.

    • If that seller is smart, he’ll price his at a discount to this one – buyers, looking at one house that’s sat unwanted for three years, will gravitate toward the new listing. Which illustrates another problem with over- pricing: by the time you get your price down to where it ought to be, new competition has come on and yours looks much worse by comparison.