Wouldn’t this be the logical strategy to employ in this kind of market instead of just listing at a ridiculously high price and hoping someone will make an offer? Then chase the market down when no offer comes? If it goes for $500k, I’m pretty sure it wouldn’t get that kind of attention and amount of offers if it was listed @ $550k like 2 other ones a few blocks away. I guess the bank will lead this market down just like everyone predicted.
To all the realtors out there, here’s a question: If it does sell for under $500k, how likely will this affect the comp? Can you then take this sale to a listing nearby as comp and submit an offer around that range?
