OUCH- A case study in OVERPRICING One of the most painful examples of overpricing is illustrated below in the Zillow price history of one of Augusta’s most beautiful and architecturally significant homes that remained on the market unsold for literally ten years. Below is a sad, sobering example of how pride and emotion can stand in the way of getting what you want and need ….to get the house sold. This home came on the market in 2007 while Augusta and the nation were experiencing all time prosperity but just before the global financial crisis, GFC, became a reality. The records below only show back to 2009, however in summer of 2007, about a month after the home came up for sale, I brought the seller an offer for $985,000. The owner was highly insulted and refused to entertain the thought at all. He would not counteroffer. His agent did not want to “ruffle his feathers” by encouraging him to think logically about the situation. The home finally sold for $700,000 after 10 years and many, many thousand dollars in upkeep and taxes, not to mention mental distress and aggravation of having the home on the market unsold. Price history- *From Zillow Records Date Event Price 4/17/2017 Closed $700,000 2/1/2017 Listing removed $725,000,$140/sqft Source: MEYBOHM REALTORS-WHEELER 1/12/2017 Listed for sale $725,000 (-9.4%)$140/sqft Source: MEYBOHM REALTORS-WHEELER RD
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