Proper pricing prevents piss-poor performance

150 Riverside Avenue, on the market since 2014, has finally sold, for $2.3 million. It’s a great old (1878) house, albeit with the kind of quirks you would expect in a house its age, but took five years to sell because the owner/agent initially mispriced it at $4.15. There were almost certainly a number of buyers for this property (I had one very interested client myself), but none at $4.1 or its various prices in the $3s. The town appraised this at $3,000,400 at the last valuation, which was probably too high, but I’m sure it would have fetched more than $2.3 had it been priced right to begin with. Hell, my clients were ready at $2.750, but the owner was still stuck in the high $3s at the time, and we didn’t tender an offer.

I’m sure they’re glad they didn’t, now.