Back in February, I blogged about a situation I was in with a potential listing who wanted to overprice their listing. I have an update for you.
Just to refresh your memory, I said the house barely comp'd at $350k and that it would likely sell for less, but the sellers were in the red at $350k so they wanted to list at $369,900 (after I very bluntly said no to $375k). They decided to list with another agent.
It's now 3 months later, and after reducing the asking price to $349,900, they sold the house yesterday for $340k. So, would it have taken 3 months to sell if it was priced correctly to begin with? Probably not. Just another example of how a Realtor who knows their market never knows the market as well as a seller who thinks they know it all.
Congrats to the sellers who sold while in the red!