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Updated about 9 years ago,

User Stats

19
Posts
1
Votes
Joey DeFilippo
  • Holden, MA
1
Votes |
19
Posts

Did I overprice my flip and now what? MLS Price change?

Joey DeFilippo
  • Holden, MA
Posted

MLS list date was April 3rd with no showing until first open house which was Sunday 6th.

80+ turnout at the OH, but no offers, a couple follow-up showings (2) after the OH, but nothing solid. Also, very few follow up showings during the first week after the OH (so far 1, today Friday 11th)

We priced the house at $288k based on the comps and also a very similar type of house on the same street that was UAG at the time. On the 7th, that house sold for $11k less than list price (List price $275, SLD price $264k) and based on that sale price, I believe we need to drop the price from $288k (current list price) to something like $275 - $278

My agent wants to give it two solid weeks, so we are now considering a $10 drop on the 17th of April.

I'm struggling with whether I was too greedy OR I should have just priced the house more aggressively towards the similar comp at the end of the street (although my house certainly has a lot more upgrades than it does).

Any advice or thoughts on this would be greatly appreciated! Specifically, what do you think about the effect of a price change? In hindsight, I wish I could go back in time and change the list price.

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