did they know that the county was planning to build a new road bordering their property. In the end, the sellers were not aware that they had left $200,000-plus on the table until condo-building began.
FAILURE TO MAKE TIMEL O MAKE TIMELY PRICE ADJUSTMENTS
There are times when price adjustments need to be considered. Failure to monitor the market and make price adjustments accordingly can prove costly. For instance, consider Sue’s situation:
Comp A: $368,000 Comp B: $349,000 Sue’s Home: $345,000 Comp C: $345,000 Comp D: $333,000 Comp E: $329,000
Sue appears to have priced her home competitively for the market. However, over the next month, the market changed.
Comp A: Expired Sue’s Home: $345,000
Comp B: $339,000 (Reduced Price) Comp C: $335,000 (Reduced Price) Comp D: Sold Comp E: Pending Comp F: $326,000 (New Listing) Comp G: $325,000 (New Listing) Comp H: $319,000 (New Listing)
Most sellers, like Sue, do not realize the market can shift so far so quickly. After the market changed, Sue was left with the highest
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