“Buyers follow the herd. Lately, there have been very few buyers coming to open houses. The buyers that have been coming are ‘tire kickers’… just out looking because they hear everyone else saying the prices are going to keep going down and they want to be ready.
A few weeks ago, I called the other agents in the area to see if they would all do an open house on the same day on the weekend to generate activity and a buzz. We had about twice as many people come through that day. Next weekend the same. Unfortunately, my listing still is a little too high and sat on the market for 70+ days.
I lowered the price $10,000 on Thursday and got a couple offers on Friday. It actually sold for slightly OVER the asking price. And then on Saturday I had a third agent call to put in an offer. I am convinced having the group open house and getting the agents to collaborate instead of competing helped in this difficult market.”