Pre-Thanksgiving Leftovers — Housing Market Edition

“We Can Always Drop the Price, Right?” Yes, But . . . 

Wait a second! Don’t leftovers come after Thanksgiving?

Not when it comes to the housing market.

In my own neighborhood close to Minneapolis’ Cedar Lake, I’m aware of at least half a dozen very nice homes which came on the market as far back as last Spring, but are still for sale now.

Metro-wide, you’d extrapolate that such homes number (at least) in the hundreds.

The homes’ biggest (if not singular) flaw?

A too-high initial asking price, now exacerbated by LOTS of market time.

Thanksgiving Bargains

As veteran agents like myself routinely advise clients, a too-aggressive starting list price is apt to ultimately net Sellers less — not more — than a more realistic one, with an attendant increase in market time (not to mention inconvenience and hassle).

That’s assuming the home sells at all:  something like one-third of all MLS listings expire or cancel.

See also: “Perils of Overpricing Even (Especially) in a Rising Market”; “Perils of Overpricing“; “Nurse!  I Need a Price Reduction, Stat!”

P.S.: Note to prospective, year-end home buyers:  the best bargains this time of year aren’t at Target or Best Buy, but on MLS!



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