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You stated that your property is the lowest in the area, It does not make sense to me to drop the price, but read on.
The best way usually to list a home is based on SOLD properties in the area.
If the properties are going down you may want to go down as well. Only base it on sold homes in the area. Your agent should send you auto emails of the homes in your track so you are informed and have an idea of what is happening to keep you in the loop. Heck even if you dont have your property for sale you should ask an agent for auto emails so you always know your homes value. Keep in mind square footage of the dwelling first and land second on track homes.
If no evidence to support the price drop, and you are patient, then don't.
If it is a short sale, the price should not be a lot of an issue to you at this point.
I think it is wrong to tell a client to drop their price by xyz amount. I think it is better to show the client the numbers and let the client come up with their own opinion. If they ask for suggestion I will give the suggestion. Maybe if the agent says Just and FYI, the last two homes similar to yours in your area just sold for 275,000 and you are still at 300,000, you may want to consider a price reduction.
Every agent does it a little differently.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
your agent has the right resources to help you decide. good luck with the sale.
You can request your realtor to give you the market sales comparison to validate their reason for a 4% price decrease. Also, a very important matter that you need to discuss with your agent is why did it fall out of escrow the first place? (i.e. loan appraisal issues)
I suggest speaking to your realtor directly with your concerns and have them pull the data in the area for you.
Coldwell Banker George Realty