There's value in making a price cut.
If your listing is stuck, you can always try to gin up interest from fence-sitters by showing that you might sell for less.
Many listings on the market here a week before Christmas are stuck.
One that's stuck is a flipper remodel at 1776 Voorhees (3br/2ba, 1625…
There's value in making a price cut.
If your listing is stuck, you can always try to gin up interest from fence-sitters by showing that you might sell for less.
Many listings on the market here a week before Christmas are stuck.
One that's stuck is a flipper remodel at 1776 Voorhees (3br/2ba, 1625 sqft.).
Beyond the implied patriotism of that address, the location is a challenge. The property runs along busy Aviation Blvd. (not pictured; just to the left). The yard will feature significant traffic noise, whatever isn't blocked by a 6' fence.
But with the location challenge comes a lower price.
Consider how the flipper got it.
A couple of days before the Super Bowl this year, 1776 Voorhees came out for sale at $1.200M.
It had been 19 months since an East Manhattan/Mira Costa property had come out with such a low asking price.
Multiple offers greeted the mostly original 1970s-vintage bungalow. It sold for $1.231M, and the flipper got to work.
By mid-July, the nicely done finished product was back asking $1.650M.
The price has been reduced 8 times since then, and now stands at $1.468M. That's arguably about $100K under comps that weren't even as nice, up to $300K under others that were. (Again, just in the Mira Costa area south of MBB.)
Out of those 8 cuts, though, only 4 were what you'd call "real" cuts - actual price adjustments that might inspire buyers to reconsider the property. There were 3 cuts of $50K, and one of $26K.
And then we have the reluctant, jokey cuts:
$900,
$1,000,
$3,000, and,
again today, $1,000.
These cuts aren't meant to persuade anyone that the home's been properly re-priced.
In fact, they kind of suggest that the seller can't cut anymore.
The cuts do work for one thing: They help push out free notifications to the world of online real estate consumers.
For the price of $1,000 off your asking, for instance, you get online real estate portals telling the world all about your property all over again. There's no dollar minimum for the cut to trigger emails to hundreds of people.
Heck, you get mentioned in the MB Property Ticker if your property's in MB, and you might even get a whole blog post dedicated to your price cut.
Even if you're not going to cut anymore, publicity like that might actually work.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 2:20am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.