Reduced For "Quick" Sale

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Which came first? The agent who told the customer the condo was worth more to get the listing or the seller who didn’t want to hear the truth?

Looking at price changes in the first 17 days of March. There are 473 active condos for sale of which 42 have price changes. That’s nearly 9%. Perhaps sellers haven’t caught up to the current market and that could be the case since those condos with price chages have been on the market and average of 82 days and the median number of days being 57. That’s a long time to wait to get it priced right.

Hold The Phone! A closer look in the numbers reveals something else. The 800 lb gorilla realtor with the big national name prestige and reputation likes to reduce. Of the 42 price reductions this month, 25% have come from Mr. Big, although they only have 12% of the active listings. Since they have been in the real estate business over 100 years, the get the listing at any price model must still work today.

Hoboken Condos 2007
Price Changes in March 42
Information deemed reliable but not guaranteed

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