Ellicott City Realtor Catonsville Realtor

When is Enough Enough?

I have a house that is currently listed at $475,000. The home has been at the market for about 60 days, and at the time it was listed, I had numerous comps to support the list price. The home, although older, has had many updates with newer windows, newer HVAC, a recently finished basement, fully updated kitchen and bathrooms, and is decorated neutrally throughout. Further, it is districted for a high school that is considered desirable by many in the area. It is a dream home to list and show.

In the past 60 days, nothing has sold in the neighborhood. We've had a lot of showings - more than average - and all of the feedback comes back that the price is too high. After the first 30 days, based on this feedback, the Seller agreed to reduce the price by $25,000. The Seller is not under any duress, and is simply motivated to get this home sold. Again, after this price reduction, the feedback was suggesting that the price was too high.

The Seller is again asking to reduce the price (how often does that happen?). With this next price reduction, we will be under anything else that has sold in the neighborhood by at least $20,000. If you're a buyer, this is a great deal.

I know this home will sell at some price, but what is the magic number? Given the current state of the economy, and the Seller's willingness to get this house moved, in terms of price reductions, when is enough enough?

Clients always ask me: Are you on the web?
See for yourself.

Tim McIntyre, GRI, Ellicott City Realtor, Catonsville Realtor