A house was on the market for 92 days and went from 725k to 850k why?

Asked by caslea, San Diego, CA Sat Nov 10, 2007

I was keeping my eye on a home that has been on the market for 92 days. I noticed today that the listing went from 725k to 850k is this to get a different range of buyers? The seller bought the house for 825k about 2 years ago but the market is on a downturn. The sellers agent is not easy. Any ideas?

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6
Christopher…, Agent, Hemet, CA
Sat Nov 10, 2007
A good question and looks like some great answers already. I have seen this and had clients that actually requested a temporary price increase like that just to test the waters on a listing that may have gone stale. If the agent has done a great job in marketing, photos are excellent, descriptions compelling and the agent actually answers the phone when a potential buyer or their agent calls, the only options left are taking off the market for 90+ days, gambling with another agent who may do less than the current agent or....Play a little price bingo. I am not fond of the practice but, this tactic is used by many when marketing all sorts of products. Sometimes it works...sometimes it doesnt. If the seller has a home that they would love to sell but do not absolutely have to, "price bingo" when all else has failed, can be another marketing effort. You just never know what might work...in any market.
1 vote
Suzanne Walk…, Agent, Oklahoma City, OK
Sat Nov 10, 2007
I'm pretty much shooting in the dark too, but here are two more guess:

1. The owner miscalculated what they owe/need.
2. The owner did major work during this listing time and wants to recoup cost.

You say the sellers agent is not easy? Maybe it is #1 in my list or the previous answer.

Good luck.
Susan Walker
1 vote
Infinity Rea…, , Saratoga, CA
Sat Nov 10, 2007
Thats a tough one, John. I watch the MLS alot, and i havnt witnessed anything like that in my area. There could be some reasons, but im not sure i would be guessing. Have you talked to the listing agent and asked her why. She might have done this for the seller, due to some circumstances. I have seen listings before they are taken off the market, and the seller decides to refinance try to bump up the price before ending the listing. They think they by doing this it will bring there value back up, but appraisers and banks will usually check price changes, so it usually a lost cause. They also might be trying to work an offer for 850K and trying to get the appraisal higher again.

Best bet have your Realtor contact the selling agent and see whats going on.
1 vote
Mark Bartlett, Both Buyer And Seller, 33050
Sun Nov 11, 2007
We had one recently in our area jump up 3 million.
http://www.trulia.com/property/1039040808-2480-Coco-Plum-Dr-…
0 votes
Pam Winterba…, Agent, Danville, VA
Sat Nov 10, 2007
This a tough one. Did the homeowner complete an addition or do a major makeover to the home in the last two yours? If their Realtor is not easy, do you have a Realtor who can ask their. Sometimes it is easier from Realtor to Realtor to ask these questions.
0 votes
J R, , New York, NY
Sat Nov 10, 2007
Is the property size the same? I've seen houses with an adjacent lot that the owners thought was single and separate, but wasn't. I've also have seller who suggested to me that "maybe we should raise the price so we get people who can afford it." Ridiculous, but sellers sometimes think that.
0 votes
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