When the market doesn’t respond to your list price it very likely means that you need to make a price reduction. However over the past few days I have seen several homes in Coral Gables make price increases. I suppose these sellers are raising their prices in hopes of generating new interest and appealing to buyers who are in a different price point. The problem is that buyers and agents will immediately notice the increase in price on the MLS and assume that the seller is unrealistic. Sellers need to price their home correctly from the beginning, making upward adjustments only paints the property in a negative light.
The only exception to this rule is when the property is a short sale and the bank has come back with an approved number that is higher than your previous list price.
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.