1,052,211
No!
And who does 10 and 100 reductions. Really Jimbob?
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Susie Kay
Plano, TX
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Kris Collis, Associate...
East Stroudsburg, PA
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Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
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Anna "Banana" Kruchten
Phoenix, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Kevin J. May
Hobe Sound, FL
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Richard Weeks
Dallas, TX
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Nina Hollander, Broker
Charlotte, NC
469,510
The small changes obviously don't motivate a buyer to act nor are they big enough to enlarge their buyer pool and pick up more prospective buyers. I think the agents (and to a lesser degree the sellers) that make small changes must have the idea that no one knows about the listing and if they just saw it - it would sell. At least with out MLS any price change up or down will get the home on the "hot sheet" and trigger auto updates to all the public receiving email notices of new listings and price reductions - so a small change can get renewed exposure or possibly "find" a buyer that missed it some how and possibly an agent will see something when it hits the hot sheet that they didn't see when it was "new". The only related "abuse" that gets annoying for me here (so much so the MLS has made a rule to prevent it) was when a listing agent would go down $100 wait two days and go back up $100, wait two days and go down $100 etc. This kept their listing on the "hot sheet" and going out on automated notices to the public continuously.
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Mel Ahrens, MBA, Kelly...
Hood River, OR
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Susie Kay
Plano, TX
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Kris Collis, Associate...
East Stroudsburg, PA
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
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Kevin J. May
Hobe Sound, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
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Ron and Alexandra Seigel
Carpinteria, CA
3,345,091
I do not. I'd rather spend my time working with sellers that get it!
Seriously? $10 and $100 price reductions.
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Susie Kay
Plano, TX
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Kris Collis, Associate...
East Stroudsburg, PA
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Anna "Banana" Kruchten
Phoenix, AZ
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Kevin J. May
Hobe Sound, FL
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Debe Maxwell, CRS
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
6,393,609
So far I have never done a price reduction, we have however made a few improvements and raised the price successfully.
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Michael Jacobs
Pasadena, CA
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Kris Collis, Associate...
East Stroudsburg, PA
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Nina Hollander, Broker
Charlotte, NC
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Kevin J. May
Hobe Sound, FL
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
5,104,931
No... I do not take grossly over-priced listings. I might take one that is a bit high with the understanding that we drop the price relatively quickly to what I recommended in the first place. But these incremental price changes are stupid. I tell my clients that if/when we reduce a price it needs to be rare and meaningful to attract a new crop of buyers.
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Mel Ahrens, MBA, Kelly...
Hood River, OR
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Kris Collis, Associate...
East Stroudsburg, PA
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Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Richard Weeks
Dallas, TX
1,239,901
No! The turkeys are not serious. By Thanksgiving they are off the market.
Our price reduction here is reasonable 20K or even 100K at a time. The ones with minute reduction yet overpriced, realtors move to serious sellers.
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Kris Collis, Associate...
East Stroudsburg, PA
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Anna "Banana" Kruchten
Phoenix, AZ
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Kevin J. May
Hobe Sound, FL
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Candice A. Donofrio
Fort Mohave, AZ
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Ron and Alexandra Seigel
Carpinteria, CA
3,587,960
NO! There is a listing in my neighborhood that is so over what market will bear. So far within a month it's reduced $50K and still has another $50K to go down. Not a chance it's comparable to other semi-custom homes in the area. And it's on a busy street. Why agents do this, I don't know.....
And hey, I learned a phrase from my first broker in this type of situation. Well.... let me refer you to an agent that specializes in over priced listings. It Works! They either get reasonable or I excuste myself and wish them well.
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Debe Maxwell, CRS
Charlotte, NC
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Kevin J. May
Hobe Sound, FL
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Susie Kay
Plano, TX
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Kris Collis, Associate...
East Stroudsburg, PA
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Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
536,943
Taking a listing that is overpriced usually ends in disaster for you or me. They will let it expire and list at the correct price with the next realtor.
Low reductions such as this-Why? Only to get it sent out as new again is my guess.
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Susie Kay
Plano, TX
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Kevin J. May
Hobe Sound, FL
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Debe Maxwell, CRS
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
711,852
In order for a price reduction to be reflected on the hot sheet in our mls, the reduction has to be at least $1000. $10 and $100 doesn't cut it.
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Debe Maxwell, CRS
Charlotte, NC
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Kevin J. May
Hobe Sound, FL
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Susie Kay
Plano, TX
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Kris Collis, Associate...
East Stroudsburg, PA
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Michael Jacobs
Pasadena, CA
5,230,113
That is something that we struggle with in our market right now. We've slowed a bit and sellers want to get the same price their neighbors did last year. It's difficult for them to accept that's not going to happen!
I won't take NEW clients who over-price but, will give my repeat clients the opportunity to try their price with the understanding, they will reduce and LIKELY will have to reduce further below what I suggest initially. I explain to them that DOM cost them in sales price when all is said and done.
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Kevin J. May
Hobe Sound, FL
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Susie Kay
Plano, TX
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Kris Collis, Associate...
East Stroudsburg, PA
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Michael Jacobs
Pasadena, CA
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Anna "Banana" Kruchten
Phoenix, AZ
4,882,355
I know many agents will do price reduction like this so that the listing gets activity on daily mls categories.
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Kevin J. May
Hobe Sound, FL
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Debe Maxwell, CRS
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
5,772,575
Kevin,
It depends on who's who in the zoo, as well as what segment of the market you are talking about. The $10 to a $100 reductions are indicators of annoying sellers. They probably go for annoying agents to list their properties hoping for annoying buyers to sell to...We would run away from these types, and do. A
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Nina Hollander, Broker
Charlotte, NC
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Anna "Banana" Kruchten
Phoenix, AZ
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Dan & Laurie Pittsenba...
Bellingham, WA
509,449
$10 or $100 price reduction is nothing, but I've seen it and it may just have a purpose. When agents search the mls they will enter list price up to $$$. So if the home is listed at $500k and now they drop it to $499,999, the home will be included in the seach. I won't take a listing knowing that it needs a major price drop. Usually sellers just assume that the agent is not doing the job and will terminate the contract, hire another agent but will agree to a price reduction. The cycle keeps on continuing until the 3rd or 4th agent in which at that time the price now equals market or comps, hopefully. I've been there and I declined the listing. Seller changed to 3 different agents and the house sat on the market for almost a year. He finally withdrew the listing and the home was now leased.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Susie Kay
Plano, TX
4,572,283
Annoyances arrive and are rarely welcome. As far as taking listings knowing that a price reduction is forthcoming is a strategy that may be effective for some and in some situations. Annoyances of any and all varieties are best avoided.
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Debe Maxwell, CRS
Charlotte, NC
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Kevin J. May
Hobe Sound, FL
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Susie Kay
Plano, TX
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Ron and Alexandra Seigel
Carpinteria, CA
5,216,409
And simply annoyed is being polite with no real adjust. I do, right after they expire
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
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Kevin J. May
Hobe Sound, FL
2,781,173
All is discussed upfront to a mutal understanding or what is the point?
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Debe Maxwell, CRS
Charlotte, NC
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Kevin J. May
Hobe Sound, FL
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Michael Jacobs
Pasadena, CA
1,502,998
I've got multiple offers bidding the price well above list.
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Debe Maxwell, CRS
Charlotte, NC
5,868,554
Our market has softened, so we are seeing reductions every day, and not little ones.
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Kevin J. May
Hobe Sound, FL
4,936,705
Sometimes but I try to price it right the first time.
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Kevin J. May
Hobe Sound, FL
1,725,996
No we do not as it is a misrepresentation of the value of a home to our principal. $10 & $100 reductions are a stick in the eye for buyers
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Kevin J. May
Hobe Sound, FL
1,311,397
We try to price realistically.
When prices were roaring upward, we had a hard time listing high enough.
Now we are having difficulty listing low enough.
Never a dull moment.
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Kevin J. May
Hobe Sound, FL
961,383
Generally, no. I've noticed a significant increase in price reductions throughout 2019, not just recently. Often multiple price reductions as inventory has improved.
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Kevin J. May
Hobe Sound, FL
1,390,113
Part of our job is educating. Sellers often see the light after some time of frustration.
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Kevin J. May
Hobe Sound, FL
2,220,654