Asked by Jim Walker, Carmichael, CA • Thu Aug 2, 2007
I'm starting a new thread here; I have read sellers post that their homes were below market price and still not receiving offers. Some were annoyed at the suggestion they go still lower when they are already lower than every comparable house for sale.
Here are some reasons: 1) Buyers perceive REO's to be better deals. Period. If you are competing with Repo's, you have to undercut them. Even though your house is cleaner, better, even cheaper. Perception counts more. 2) Due to the overwhelming amount of inventory, buyers may not see all the houses that meet their criteria, thus miss out on the best deal. 3) When inventory is so high that only 1 in twenty listings sell each month, you have to be in the bottom quintile to have a 1 in 4 chance. 4) If you don't want to risk not selling you have to be the lowest; not just low. I am in Sacramento California, one of nations worst markets today, so this advice only applies to an unequivocal "buyer's market"
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