Desperate Realtor tactics on display via Redfin.com

[cjppjc]

Re: Desperate Realtor tactics on display via Redfin.com

Foreclosure or not, the owner looks desperate. It's a very bad idea to decrease price by less than 10% or more often than once a month. All that does is make potential buyers think if they just wait a few weeks, they'll get a better price. Bigger price reductions done less often are much more effective.

I think many agents play the re-list game. We did that when we sold our last house in 2006. The idea was to reset the clock from when the listing was considered new, in order to get other agents interested. Newly listed properties are always much more interesting than old ones. We did keep the house off the market for 6 weeks or so, though, and when we put it back on, it was at a price below where we took it off. It worked -- the house sold quickly after that.

No agents get fooled by that. As you say your house finally sold when the price was reduced.