And price reductions continue…
It’s interesting to observe how price reductions happen. For example, today we had an Arroyo Grande home drop from $824K to $769K. It’s been on the market for 33 days. My guess is that there hasn’t been any activity and the homeowner wants it sold. It could have been overpriced to begin with but the homeowner felt that was the value of their home.
Then you have a Grover Beach home dropping from $770K to $760K and a Nipomo home dropping from $806K to $805K. Not sure if that’s going to make a difference other than showing the homeowner that something is being done to try to sell their home.
Then there is the Orcutt home which dropped from $319,999 to $319,990. Then it raised it’s price the $9 dollars back to $319,999. I might say it was a mistake but the same Broker did it with another property too (reduced $9, then rasied $9). When I see that, it makes me think that it’s an attempt to get more exposure to Realtors as it appears on the “hot sheet’ as a price change. Some Brokers may view this as part of their maketing service, others may see it as a way to mess with the MLS system and it may end up backfiring.
The National Association of Realtors released their latest Buyers survey. The top 3 tools used to find the homes they purchased were 1) the Internet, 2) other Realtors, and 3) the yard sign. Getting other Realtors motivated to sell your listing is very important so an agent needs to be careful not to do things that other Realtors may disagree with.