Not all of Covid's effects are bad

21 Mohawk Lane, currently asking $2.250 million, reports a contract. That’s a far cry from the $2.725 the owners hoped for when they first put it up for sale in 2015, but here’s the thing: they’d dropped the price to $1.795 by 2016 before quitting and renting renting it out for a spell. They brought it back on the market in February 2020 at $1.550 million, and must have received several offers above that because, after reporting a contract in April of that year, the contract fell though and they raised the price to $1.6 (almost certainly, the price offered by the “winning” bidder.

None of the disappointed bidders came back, which often happens in cases like this, but the market improved in 2021 and in July, 2021, they owners raised the price from $1.6 to $2.250. It took a while, but they seem to have prevailed, and good for them.

This brings to mind a reminder: if your house is currently on the market — this market — and you’re not getting bids, or the bids that are coming in are uniformly well below your ask, you’ve priced it too high, and should lower it immediately. Don’t miss out on this time, when buyers have flooded the market.

I might try your price for a week, maybe even two, weeks, but if offers aren’t coming in, drop it. And for heaven’s sake, if you’re getting showings, but no repeat visitors, you won’t receive a better market signal than that. Don’t wait, because you don’t need to hear a market signal: it’s yelling in your ear.