A question to powayseller about your 10%/5% overpriced rule.

You’ve mentioned that if someone has no showings then they are 10% overpriced, showing and no offers means 5% overpriced, and getting offers means the price is (obviously) just right.

I’ve been somewhat chasing down the bottom-end of the other 2-2 condos in San Carlos/La Mesa for the past 70 days or so. In that time I’ve certainly had a lot of showings — 20+ so far — but zero offers. So taking your rule into account, my $300,000 asking price back in late June should really have been around $285,000.

A couple of weeks ago I went down to $280,000 and got an additional 2 or 3 showings but no offers. Thinking further about your 10%/5% rule I instructed my Realtor earlier this week to get me down near the bottom of the barrel — $269,000. The thing is, there are still 2 or 3 “desperate” sellers listing at $249,000-$255,000.

Do you consider these low-ball types of sellers in your rules? Should I consider going 5% below them? That’d be $225,000? Yikes… over $100,000 of the highs of a couple years ago!