Why You Should Never Chase A Bad Market Down
Posted by Frank Polsinello on
Anyone who plans to sell their GTA home this fall should take note of this cautionary tale.
In August, we had a meeting with a prospective seller to talk about listing their house for sale. We valued the home at $1.45 million because it was excellent and in a desirable area. We advised listing the home at market value as soon as possible because we were already noticing indications that the market was changing.
As is common in our line of work, the seller disagreed with our assessment and hired a different agent, who informed him that his home was worth more.
The home had a $1.7 million price tag when it was put up for sale in September.
It didn't sell.
With an asking price of $1.5 million, it was relisted for sale in October.
The issue: As of September,…
185 Views, 0 Comments