Avoid desperate real estate price cuts

REThink Real Estate
Published on Aug 4, 2011

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by CareyBot

Q: We recently bought a retirement home out of state. We are trying to sell our longtime home, which began its listing at $550,000. After a few weeks, we dropped the price to $547,000; then after another few weeks to $525,000. We will accept anything over $500,000 but we have been told we need to list it high to play this stupid game of "offer/counteroffer."

Doesn't it look to the average buyer that we are now desperate to sell with so many price drops? How do you say, "I want $500,000 and that is the bottom line!"? If I ask for $500,000, I am told all we will get is numbers in the $400,000 range. What are your thoughts?

A: There are really two schools of thought here. It seems as though you and your agent might come