List: Joanne Edwards
Sell: Diana Whyte
A persistant myth in real estate is the idea that if you lower your price, you can never go back up. It’s certainly a bad idea if it’s you that’s raising your asking price, that trick never, ever, ever, ever, ever works. But, when it’s the market raising your price, then by all means, stand back and let it happen, baby!
That’s what happened recently at
128 Riverside Avenue, Riverside, CT
It came on during the slow weeks of August, priced at $1,150,000. The market then, such as it was, said, “Ummmm…no”. And there the house sat, un-loved, un-wanted, by a cold, un-caring bunch of buyers.
Finally, in January, the price was reduced to $995,000, and something else happened at the same time, something called the “spring market” (typically begins around Jan. 5th).
The combined effects of having very little competition, along with a new crop of eager buyers, predictably produced a bidding war that pushed the price back up by $20,000.
Clients find it hard to believe that bidding wars can occur at the end of the selling process, but they do. I’ve never seen the market take a property back to the level of the first asking price, but it’s not uncommon to make up some ground from that last asking price.