A family member passed away and we are now selling the house. We met with the Realtor before listing it and did all of the work she suggested (new roof, removing 2 large trees, patching and painting). We even used her contractor. When she suggested the list price, we accepted what she told us. We do not live in the area and do not know the market. We also did not negotiate down the commission because we knew we needed the Realtor to help manage the work being done and that seemed reasonable. The house has been listed for one week and we have had 9 showings. Of the people who provided feedback, 3 of them said it was overpriced at $399,000. The Realtor called to talk about it, and is suggesting we drop the price to $369,000. This seems like a lot to me. The Realtor said something about price categories and we need to drop down a whole category to reach a different group. Honestly, I expected to have to drop the price after reading the feedback – it is the amount of decrease I’m struggling with. I’m also assuming any buyer will want further price concessions and maybe some additional work. Does anyone have any advice/thoughts?
Majeed Ekbal's Daily Blog 