Is it an extreme buyer’s market?
This bit of info on realtor Jim Duncan's blog jumped out at us. In a post about properties that are selling in Charlottesville, he describes a 2,600-plus square foot, 6-bedroom, 4-bath house at 609 Lyons Avenue being listed for $630k in February. $50k was knocked off in March, then it went to another realtor who listed it for $489k. When they finally knocked the price down to $375k–- a reduction of $255k!!!–- the house sold in seven days.
"Price it right from the beginning," writes Duncan, citing lessons learned. "If the market says the price is high, reduce it. Beat the market down, don't chase it." Then he offers an even harder pill for cash-strapped sellers to swallow: "What you need to make to buy the next house is irrelevant to what your home is worth today." Ouch!