Three realtors share why they went down in price on a brick box in Long Branch, a semi in Corso Italia and a townhouse in the Beaches
“I was the owner and seller of this property, which is one of 13 units in the complex. It’s part of a tight-knit and safe community, and you can walk to the beach in two minutes. I was leasing the home to a tenant, and when they gave me notice this winter, I decided to sell.
“The market was picking up in March and nearby properties were getting multiple offers. I thought I’d be cheeky and list a bit higher than market value at $1,050,000. Very quickly, I was told by fellow agents that this was too expensive. On March 21, I brought my ask down to $1 million, but the home still wasn’t getting much attention.
“I didn’t want the property to just sit on the block for months, since I’d have to pay an extra $30,000 in mortgage payments. I had to position my property as the best deal around, so I aggressively went down once more to $925,000. Less than two weeks later, my listing sold for $5,000 below asking. “Instead of holding out for a little extra money and dealing with the psychological and financial stress, sometimes it’s better to drop your price and move on. My advice to sellers: do what’s best for you, and that doesn’t necessarily mean maximizing profits. As for buyers, now is the time to pounce. If you’re waiting for prices to soften, you’ve already missed the boat.”
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