My home in the Boston suburbs has been on the market for about a month and we have had no offers. Feedback has been generally positive in terms of the condition of the home – with the exceptions being one of the three bedrooms is small and the kitchen is outdated (though large from an addition).
We listed at end of June for $640. After July 4th, with no offers we lowered to $625. Make no mistake – we mis-priced and I accept that.
Still no offers at this point. We have had about 27 groups come through the five open houses and five appointments. We don't have to sell urgently. Ideally would like to be under contract by end of August.
Assuming we have no offers come through this week from the people who attended the open house, what do you think our price reduction strategy should be?
Debating a $10k reduction to $615k or a larger one to $600k. Since we have time, I'd prefer to start at $615k, but don't want death by a thousand paper cuts on pricing.
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