Better to cut swiftly and deep

21 Cat Rock Rd

The owners of 21 Cat Rock Road have nibbled at their price again and reduced it today to $1.649 million from yesterday’s price of $1.695. This house started off at $1.985 in 2009 and is now on its seventh price. It reported an accepted offer earlier this year when it was still at $1.799 so I understand the owners’ reluctance to cut still further but face it: an accepted offer is not a sale, and little bites off a price aren’t going to give the impression that this house is now a bargain.

Which it might well be, by the way, but had this been cut to $1.649 directly from $1.985 back there in 2009 buyers might have seen it as a deal, instead of just a distressed property that hasn’t sold in three years.

None of which is to suggest that this house is not well priced now – if you’re looking in this price range, check it out – but other sellers, at all price ranges, might want to take a lesson here.

 

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4 responses to “Better to cut swiftly and deep

  1. Earth Ocean Sky Redux

    Nothing says a house has been for sale for a while than SNOW on the ground in one photo and a Xmas wreath on a window in another. Today’s a pretty day – what say you take a new group of photos to go along with the new price?

    • And those are crummy pictures to begin with, EOS If houses are first discovered on the Internet these days, and they are, seems to me that good pictures would be a huge priority. Not as important as the right price, but first impressions and all that… If you can’t get a buyer into your house to look at it they’ll never know the quality of what’s there. Of course in many cases that may be a plus, but still …

  2. Out Looking In

    I’ve noticed a tendency (operative word) for houses to close somewhere around $500 per stated sq feet (of course- outside of the OG/Riverside twilight zone), at least as long as the house is on a lot sized about the same as the appropriate zone. Whether it is $425 or $500, it appears as if the asking price has now reached the sweet spot.

  3. The only thing that matters is....

    the market for homes north of I-95 has gone down every year since the bubble popped, so of course if houses were priced a few years ago as they are now they would have probably sold