425 N. Maple has sold for $1.750 million, significantly below its first asking price of $3.125 million and less than what the town calculated to be 70% of its market value, $2.393. The source of that unfortunate result might be because the listing broker posted only one bad picture of the house online, but I’d attribute the dismal showing to that first price, that drove buyers away.
Look, this isn’t that complicated: people in the $3 million range are looking for more house, however you define that: better yard, better fixtures, layout, whatever, than those in the $2 range. So if you price your $2 million house at $3 you repel the high end buyers – there are better homes in that price range, and you scare off the $2 million buyers who assume you’ll never drop your price enough for them to afford it so why even bother looking? The result? No buyers in either class until you whack the bejesus out of the price. Then you attract the bottom feeders (often represented by me, sorry to say) and you get less than you would have had you priced it properly to begin with.
Try it next time.