Don’t know the story behind the house starting this thread, but I am either seeing a truly devious plan by master Realtors with unusually long-term strategies or strong evidence that many “johnny-come-lately” Realtors that don’t know WTF they are doing.
Since around February I have been seeing POS houses dumped onto the market at $100-200k over likely peak pricing. They sit for two months or so, and then drop some insulting amount like $1k or 5k off a $750k asking price–I assume they are trying to juice the MLS, because a whopping 0.7% is unlikely to whoo even the dumbest buyer.
The story gets better, with another odd-value drop like $7.9k off–I guess they assume since it works for gas stations, it might work for houses.
On one local house I really feel bad for the stupid seller and joked to my wife that I would stick a letter in his mailbox explaining what a fraud his Realtor must be–she thought I really should.
Finally, as the DOM hits triple digits, these houses drop $20k one day and another $40k the very next day–ur?
Thirty more days later, they drop the price a total of $120k, within striking range of a realistic peak price–but now its almost another $100k too high.
And this is happening on several houses, all are POS homes.
Are they hoping that some stupid buyer, with a bad agent (or none) will swing by and think that with the HUGE price drop, it MUST be a bargain?
I guess while they are at it, they’ll load up on some Countrywide stock.
