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I have an over-priced lake property. New price is $50,000 less. Best to market as a new or reduced listing?

Mon Sep 24 2007, 14:03 - Brainerd - Home Selling - 8 answers
 
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Chrissy Mr...
Real Estate Pro
in 56468
Chrissy Mr..., Real Estate Pro in 56468 in 56468
Answers (8)
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Diane Glander… was FIRST TO ANSWER
"I have an over-priced lake property. New price is $50,000 less."

Chrissy, the way I read your question, I inferred that you believe it is still overpriced, even after the 50K price reduction?

If so, what is the plan? to draw buyers that you can then show properly priced homes? Or is it to draw buyers for the lake PIQ to underbid and feel warm fuzzies for getting a house for
"well below list price'?

Or, did you mean it WAS overpriced, and is now appropriately priced at 50K less?

Thu Nov 29 2007, 10:21
 
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If you pull out an relist, some consumers interpret that action as an intent to manipulate the system. This suspicion then raises other doubts in their mind. Exceptions... A delay in relist, changing agents, etc.
A withdrawal followed by an immediate relist can foster other doubts and guards on behalf of potential buyers. Buyers know to ask about cumulative DOM. I suggest you be up front. It is what it is, and the buyers will know. Let them also have confidence in your integrity and straight forwad approach.

Thu Nov 29 2007, 08:37
 
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Chrissy....

There isn't a lot of benefit to the cancel and relist strategy anymore, as here in the Twin Cities metro and almost all other markets, the MLS has listing and price history and cumulative days on market for properties and any agent worth his/her salt is going to find the information that you're trying to hide by the cancel-relist anyway. In this market, longer market times are common, too.

I'd reduce....

I wish you the best in selling your property!

Thanks, Todd

Thu Nov 29 2007, 08:31
Web Reference: http://www.toddnorsted.com
 
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They are building no more lake property around Minnesota. Take off market and re-list when nice out. It will show a lot better and lake buyers are more enticed when they can walk the land, beach, etc... Do another market at that time and re-list. Lake buyers are a different breed. Sponsor a pontoon ride around the lake to show them all the amenities as well. Good Luck!

Wed Nov 28 2007, 16:02
Web Reference: http://www.myhomesguide.com
 
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Days on Market doesn't matter nearly as much as it did before. Many buyers in the Twin Cities save the properties online and keep an eye out for them. Consequently, cancelling and relisting loses those buyers! Maybe drop $50k, wait a week or two, then relist if necessary.

Wed Nov 21 2007, 23:11
Web Reference: http://www.AaronSOLD.com
 
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I don't agree with the answers you are getting. I would always relist. MLS number would be new as would your current days on the market.

Sun Sep 30 2007, 23:53
Web Reference: http://www.huntingforhouses.com
 
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Because of new MLS regulations you are no longer able to market it as a new listing. You can only market it as reduced.

When you reduced it $50K did that bring it in line with the rest of the market?

If not... DROP IT AGAIN!

Mon Sep 24 2007, 21:51
 
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FIRST ANSWER
I would market it as reduced. Consumers are savvy and if they ask the history, you would have to disclose it anyway. Just promo it as a huge price reduction in the customer notes section. Good for you! Good luck!

Mon Sep 24 2007, 14:21
Web Reference: http://www.dianeglander.com
 
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