It may fool someone, can’t hurt, personally I only looked at resales that had been on the market a while, with many price reductions or repos on the market one day. Buyers are not fooled by real estate these days, a saavy buyer might want to wait it out until it gets reduced, leaving it up and showing the reductions lets them know it’s been allowed to run it’s course. Desperation is the new black. Out in so cal land, things have dropped about 100 grand since you pondered why your house wasn’t selling, it is now to the point that someone can relocate from Oklahoma to Southern California in order to get a cheaper house.
I found part 1 of your saga, in August I told it was worth 225k. I’m afraid you are dropping too little too late, a 10% drop puts you at 270k, if the comps dropped 10% you are still above the market, what does your realtor say? Why isn’t anyone bidding?
I’d don’t have the energy to run the comps again but I’m guessing real estate didn’t go up over the last five months there.
If you drop the price every 30 days by 5%, guess what, you will find what it is worth, not to you, but to a buyer.
Thinking DOM is the problem is just distracting yourself from the real problem, people buy on price and payment. Do you really think some couple shopping for a house is going to have this conversation:
Husband: “Hey babe, this house is nice and it is priced well, plus they just lowered the price 50 grand.”
Wife: “No hun, it’s been on the market for 200 days, lets buy the one up the street for 50 grand more because it was just listed, who needs 50 grand, I wan’t a fresh listing.”
If you need it gone, go agressive, be the most competatively priced one within a mile radius or you could ignore the advice and hope the economy turns around after the holidays, but I’m doubting that.
I can’t remember but were you looking to relocate to another town, odds are the prices fell there as well so losing money on the sale will be rewarded with a lower price on the buy, just pay less wherever you are going.
