Pricing is everything

75 Oneida Drive, Indian harbor, has sold for $3.975 million. The original agent listed it in October, 2018 at $5.495 and had only dropped it to $5.250 by the time her listing expired in February. I feel for that agent, because the bulk of her time to sell this place fell during the weakest part of our market, November, through mid- February. But she should have pressed harder to get the price lowered: the next agent got the listing in April, put it on the market at $4.350, $900,000 less than the last price, and had a contract within a month.

The sellers may feel as though they “lost” $1.520 million, but that money never existed. The only loser here is the first agent, who expended so much time and effort in a futile attempt to defy the market.