Background info: single family home in "hot" Canadian market. Realtor convinced us to price ~30-50k under market value and hold off offers until 5 full days after house was listed to encourage a bidding war. Had a weekend open house and probably 20+ individual showings. Offer day rolls around......1 low ball offer. that's it. huge disappointment. Meanwhile houses in the neighborhood are selling in days for above market value asking. Realtor has now pulled the listing and relisted with $30,000 price increase. We took a risk and it backfired...is relisting at a higher price our best option? Relisting is happening on the 6th day of it being on the market.
If the price you came to the market with really was 30-50k under in a hot market (likely GTA) with that activity then it would have sold. This tells me that it was not in fact underpriced to begin with and you are now sitting on the market 30k above the previously overpriced list price. Being over priced and not realizing it is the kiss of death.
I agree, that the property sounds like it was not in fact listed below market value after all. What are the comparable sold properties? Just because a house down the road is selling for a certain price doesn't mean your house is worth that too. There are a lot of factors to consider. Buyers are smart and they know value. If you list a property at the "right" price it will sell for that or more. We never price houses for what we think is less than market value.
Loc: LAND OF THE FREE!
so you are saying you did not sell for price x because it was to low of a price so you decided to increase the price by 30k to make this home _____________? I don't even know what to fill in. Better deal, appealing, more of a value?
when you want to sell something in the store, do you raise the price or lower the price?
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