Price adjustments are very common in today's market. Would you agree that most price adjustments you see would be going in the down direction? This morning, I was browsing the MLS and came across a very interesting listing. Price adjustments went up, and not just one, like happens sometimes, but FOUR!
Yes, this house has had four price adjustments UPWARD. It has been listed for 221 days. It listed on 11/14/2009 for $427,395. On 2/1/2010, the price went UP to $436,995. On 4/11, it went UP to $439,995. On 5/7, it went UP to $474,995... but I guess they thought that number wasn't good enough because on the same day, it went UP even further to $489,995.
I've seen list prices go up on properties when they're originally listed at one price, then the home owner decides to do some repairs or upgrades and wants to recoup some of the money, but to go up so many times, and so drastically? I don't see anything in the listing warranting this behavior.
I wonder who is controlling this listing, the seller or the listing agent... I always try to work as a team with my sellers, and part of that teamwork is consulting. I can't imagine there ever being a situation where I advise my sellers to continuously increase their asking price when it hasn't sold at the price we were already trying to get.
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* Price Adjustments Going Up? What Are They Thinking? * was first published on donnahomesblog.com