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November 1, 2007
Confused About Pricing Strategy
I've been watching a brownstone for about 8 months now. It's been listed at the same price with the same broker. Just this week I noticed that the listing price had been INCREASED, and it is still with the same broker. What is this about? If the property hasn't moved in almost a year, why raise the price? Is there some super sophisticated sales strategy at work that a lay person might not get? Or is it just greed?
Comments
Theory A: They figure if someone is going to negotiate downward, they might as well start from a higher point and maybe they'll end up near the original ask.
Theory B: They had offers above the ask, but a contract fell through. They now think they can get the higher price. (Good luck.)
Also, changing the price (up or down) resets the amount of time they can say the property has been on the market (implicitly, at that price). This doesn't fool people in the know but does affect a surprising number of other people.
Posted by: guest at November 1, 2007 1:44 PM
Sometimes it is better to be at the bottom end of a higher price range than the top end of the lower price range.
Maybe they raised the ask to put the listing in the next higher grouping?
Posted by: downtown_denizen at November 1, 2007 9:49 PM
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