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Should Sellers Hold Out for Higher Price or Reduce?

I recently listed a property in McCormick Ranch for a homeowner that was dead set on their price. There were not many comparable sales in their immediate neighborhood so we had to go with some pending and currently listed properties. A similar home sold in the area for $440,000 so my client was determined to not go a penny below that, especially since they knew the other homeowner and their agent said he could have sold that home for that price many times over.

 

This is great news for a new seller! Well, if they sold quickly for a high price, so should I. But then another homeowner listed down the street from my client a week before we were to list for just $435,000 and literally in 4 days dropped the price to $419,000! There are several reasons for this but also repercussions from it as well.

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Written by Tammy Emineth

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