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Author: YewGuise Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127811  
Subject: Re: The $50,000 Lawn Tractor Date: 2/17/2011 11:51 AM
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Many moons ago when we put our approx $200k house on the market, the question was: do we list it for $210k, and accept $200k? Or do we list for just under $200k, for a quick sale?

We did the latter, but what we found was a lot of potential buyers could really afford only $180k, and were looking at everything up to just under $200k with the idea they could negotiate. The buyers who could afford over $200k weren't looking at the under-$200k houses. We'd thought buyers who could afford over $200k would be looking at under-$200k houses in order to find a bargain, and be delighted to pay the asking price of $199,500 for ours because it was the best approx-$200k house out there, but that's not how it worked.

We sold in a week to buyers who stretched (and got family help) to pay $197,500. So we got the quick sale we wanted, but having under-priced it (although only slightly) at the outset we weren't happy about coming down even more. We might do things differently next time around.

On the other hand it is possible we list for $Y and it still takes a year to sell but listing at $Y likely gets us more showings.

Yes, you'll get more showings, but a lot of them won't (be able to) pay even $Y. Just a fair warning.

Good luck.
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