Here we go again.
Just as I’m ready to hit the go button on a new listing, I check the realtor hotsheet and THREE other listings provide new market data. Look at how these two dumped on price:
Do sellers wonder if there were any other buyers before dumping 10% and 11% off their price? Beats me, but if they did, lowering the list price in 5% increments promptly would have caused others to surface earlier. Once a listing has been not selling for a couple of months, they are going to get lowballed.
There is an active listing that has been listed at $1,750,000 for the last six weeks on the same street as my new listing. Even though they listed for $2,150,000 on June 24th, they dropped another $100,000 today and are now $1,650,000. It is located close to Carmel Valley Road:
If we would have listed for the $1,675,000 like we planned to do , it would have only caused a standoff. In a market where prices have dropped so precipitously, we want to be the clear front-runner.
We changed our list price to $1,599,000, and will go head-to-head this weekend!