Home Selling in Brainerd>Question Details

Chrissy Mraz, Real Estate Pro in 56468

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

Asked by Chrissy Mraz, 56468 Mon Sep 24, 2007

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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.
1 vote Thank Flag Link Thu Nov 29, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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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!
1 vote Thank Flag Link Mon Sep 24, 2007
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!
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Mon Sep 24, 2007
What are you basing your price on that it is over-priced? A $50,000 decrease is quite substantial, but could still be over-priced. If you are wanting to sell now, it is important to price it correctly in today's market.

At Weichert Realtors, we do a FREE Price Trend Analysis (PTA) so we are listing the property properly to sell. The PTA is a comparative of closed sales for 12 months and 6 months, current listings that are active within the last 60 days, and pending sales.

You wouldn't be able to market it as NEW, but REDUCED, as per MLS regulations. Having open houses, doing mailings, and getting it listed where people find it is what we do.
0 votes Thank Flag Link Thu Sep 9, 2010
I hope that there is a plan for this besides just reducing the price! How does this property show, what is being done to market, is there a virtual tour? Is it move in ready, updated, clean beyond belief? Price is a big factor but is not the only factor in selling a home - lake or not. Has this property been professionally prepared for the market?
Web Reference: http://topbrainerdagent.com
0 votes Thank Flag Link Sat Jul 18, 2009
"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?
0 votes Thank Flag Link Thu Nov 29, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
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
Web Reference: http://www.toddnorsted.com
0 votes Thank Flag Link Thu Nov 29, 2007
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!
Web Reference: http://www.myhomesguide.com
0 votes Thank Flag Link Wed Nov 28, 2007
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.
Web Reference: http://www.AaronSOLD.com
0 votes Thank Flag Link Wed Nov 21, 2007
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.
0 votes Thank Flag Link Sun Sep 30, 2007
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