Here is more proof that it sometimes takes more than a $20,000 price reduction to get some action on a home for sale. In this case, not much more.
While researching Chicago's north side, I came upon an ad for a home which showed this price reduction announced within the past 10 days. I clicked on it to see what the listing agent had to say about it within her listing ad description.
The price reduction showed as having been implemented on Feb. 4th. I looked at the ad on Feb. 16th.
What were the FIRST words of the description copy?
I quote: "OPEN SUNDAY 11/29/15, 1:00-3:00! May not be yard sign installed yet."
Sorry to report that this agent, while updating for the price reduction, and having appeared to have an updated primary photo (always a plus), totally overlooked adjusting the description copy in the process:
This home has some outstanding features. However, when one can easily get the first impression that it has been on the market for more than two and one-half months and still hasn't sold even with a $20,000 price reduction, it makes a potential buyer wonder if it is even worth reading the remainder of the description.
All that was needed here was to remove the first part of the copy, and (hopefully) do some updating of the current content, and this ad would have been a respectable (at worst) representation of this property.
Instead, it becomes more of a negative than a positive. This has nothing to do with the latest local trends or home sale statistics. Plain and simple, it has everything to do with how it is marketed.
Places in Time III
4 days ago