Quote:
Originally Posted by manaboutown
A house going stale due to overpricing many times results in it eventually selling for a lower price than it would have brought had it been initially priced correctly. Add the carrying cost for several months and it is a lose-lose proposition.
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Absolutely TRUE. Time after time it proves to be true. Not saying it has never happened, but I have NEVER, not once, seen a home that "went stale" (a unit that constantly cut the inflated initial price) sell for what it would have sold for has it been listed at "fair market value" in the beginning. Prospective buyers are VERY shy of homes they have tracked for months and noted a long string of price cuts. On the other hand, some agents think that "price cut" is a very enticing measure. I disagree !