Listed: September 2021, seller priced Price Reduction: November 2021 First Offer (Low): October 2021 Decision to withdraw: December 2021 Re-launch timing: Based on “spring” Re-Launch: March 4, pending in 4 days Closed: May 2022 at $2,600,000
This home was listed in the fall at the seller’s suggested price that was out of line with the market overall and a price reduction was necessary just one month later. The new price still did not generate any activity other than an offer well under the asking price. It was our suggestion to the seller that instead of continuing to lower the price as we headed into the off-season (holidays), the wiser decision would be to remove from the MLS for at least 60 days, reset the days on the market, and relaunch in the spring when buyer activity is stronger.
The home was withdrawn in December and relaunched in early March subsequently had two offers and went Pending 4 days above the asking price. Had the decision been made to try to lower the price and push a sale in the off-season, it would have cost the seller hundreds of thousands of dollars.
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