Brief “ouch” story here. I’ve been to this house a couple of times. My friend actually knows the agent who was listing another home nearby. According to the agent, the seller of the above home turned down a $675k offer back in June because they wanted to hold out for more.

Well, that turned out to be a bad idea.

With that decision, they’re likely out $100k, plus the costs of ownership of having the house 3 months longer than the planned, plus opportunity cost, plus time.

To be even more cynical, the house is not impressive and needs a fair amount of work (who would know better than me? *cries*). If they get even $550, I’d be very surprised.

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TLDR: maybe accepting 4% under dropping asking price isn’t so bad when you consider the consequences in a market that clearly shows that the gravy train of 2018 has long since passed.